Burnham Unveils ‘Step‑Up’ Scheme to Help First‑Time Buyers Climb the Housing Ladder

In a move that has left City accountants wondering whether their pension pots will finally pay off, Burnham has unveiled a new scheme to help first‑time buyers climb the housing ladder.

Dubbed ‘Step‑Up’, the plan will give a modest grant, a low‑interest loan and a one‑on‑one advice session with a mortgage broker who will, according to the draft, only use a spreadsheet.

If the scheme works, the City might finally see a generation of young professionals buying property rather than renting from landlords who prefer to write checks.

The plan will tap into a £2 bn pot drawn from the Treasury and a handful of City banks that have pledged to keep their loan rates low, so long as the borrowers can produce a selfie with a proper ID.

Some critics warn the scheme could turn the market into a lottery, but supporters say it will level the playing field for those who have had to wait long enough to be on the cusp of a pension.

Meanwhile, property lawyers are drafting a new clause: ‘If the buyer fails to produce the grant, we reserve the right to charge a fee in gold.’

Whether the scheme will actually lift anyone onto the ladder or simply add another rung to the City’s endless bureaucracy remains to be seen, but one thing is clear: the first‑time buyers are already lining up for a chance to see a grant as shiny as a new car.