Explanatory note

Assistance for first-time purchasers of house property, under section 446 of the Housing Act 1985 in England and Wales and under section 223 of the Housing (Scotland) Act 1987 in Scotland, may take the form of a bonus of up to £110 on savings and a loan of £600 additional to that which the lending institution would otherwise have made and free of any obligation to repay principal or interest for up to five years. Assistance is only available where the purchase price of the property is within the limit prescribed by the Secretary of State. This Order prescribes limits for different areas which are higher than those prescribed by the Home Purchase Assistance (Price-limits) Order 1988, which is revoked.