Co-operative Bank: Budget is good for first-time buyers

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Co-operative Bank: Budget is good for first-time buyers

The Co-operative Bank has welcomed the initiatives laid out in this week's Budget speech claiming that they are good for first-time house buyers.

In a statement, the bank described the Budget as "a step forward" and claimed that measures such as the suspension of stamp duty will encourage more people to take their first steps onto the property ladder.

Terry Jordan, head of mortgages at the Co-operative Bank, also praised the decision to invest £500 million in building new homes and the announcement that the equity scheme funding will be extended.

He added: "We hope to see an increase in supply as a consequence of the £500m to kickstart stalled housing projects.

"We want to see more people getting on the property ladder and equally people being helped to stay in their properties."

Alistair Darling announced these and other measures in his Budget speech this week.

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