House builder Barratt provides first-time buyers with a government-backed housing initiative to help them get onto the property ladder.

The MyChoiceHomeBuy scheme offers buyers an equity loan worth up to 50 per cent of a property's value, which is under written by one of eight housing associations.

Buyers with a joint income of between £15,000 and £60,000 are eligible for the scheme and pay a rate of 1.75 per cent on the equity loan.

First-time buyers then take out a mortgage of their choice from any lender on the rest of the property, but they do not need to put down a deposit as this is covered by the equity loan.

Chris Ashmore, sales director for Barratt, said: "It can sometimes be a real struggle for first-time buyers to take the step towards homeownership, which is exactly why this scheme has been developed."

The MyChoiceHomeBuy scheme is part of government measures announced in March of this year to help first-time buyers and key workers make it onto the property ladder.

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