Section 445 — Housing Act 1985: Advances to recognised lending institutions to assist first-time buyers.

Advances to recognised lending institutions to assist first-time buyers. 445 1 The Secretary of State may make advances to recognised lending institutions enabling them to provide assistance to first-time purchasers of house property in Great Britain where—

a the purchaser intends to make his home in the property, b finance for the purchase of the property (and improvements, if any) is obtained by means of a secured loan from the lending institution, and c the purchase price is within the prescribed limits.

2 In this section “ prescribed ” means prescribed by order of the Secretary of State.

3 An order—

a may prescribe different limits for properties in different areas, and b shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the House of Commons.