First Time Buyers Given State Help

First time buyers who can’t get a mortgage are to be given a helping hand by the government.

In plans unveiled by the centre-right government, people who have trouble getting a bank loan, such as young people without permanent jobs but with casual work, will be able to apply for a credit guarnatee from the state. The finance ministry expects around 5,000 people a year will apply.

”Everything suggests that this is a win-win situation for everyone,” said Housing Minister Mats Odell to Swedish Radio.

Under the scheme, mortgages would cost 0.2 to 0.4 percent more than normal loans.