The Chancellor, John Healey, has raised the household income caps for the Your First Home scheme ahead of Wednesday's Budget, The Times reports. The Treasury has not confirmed the change.
According to the report, as covered by The Negotiator, the caps would rise to £110,000 outside London and £140,000 in London. The original proposal was £90,000 outside London and £110,000 in the capital.
Mortgage brokers had warned that the original caps could shut out higher-earning couples, The Negotiator says.
The scheme offers buyers a new-build home with a 2% deposit and a 20% government equity loan. That part is unchanged. The Negotiator expects a cap on property value, as there was under Help to Buy.
The Home Builders Federation says success depends on the detail. Its chief executive, Neil Jefferson, told The Negotiator:
"Your First Home has the potential to help more people onto the housing ladder and support the increased delivery of much-needed homes"