Popularity of Help to Buy scheme increases

Moving-out-boxesResearch has revealed that the number of properties sold under the Government’s Help to Buy scheme reached its highest level in June.

 4,745 homes were sold under the scheme in June, the most ever sold under the project in one month.

Since the scheme began in 2013 a total of 112,803 mortgages have been arranged under Help to Buy.

The scheme, which allows buyers to purchase property with just a 5% deposit, has been extremely popular with first time buyers who account for 80% of applicants.

There is still some feeling in the market that visibility and knowledge of the scheme could be improved and that some first time buyers are still not fully aware of how the scheme could help them on the path to home ownership.

The Help to Buy scheme operates in 2 distinct ways. Under the equity loan part of the scheme the government owns up to 20% of the property purchased, whilst the mortgage guarantee scheme sees the government underwrite a certain percentage of the mortgage.

Those who would like to purchase a home but who are struggling to raise a deposit are advised to speak to a professional mortgage adviser who can explain the intricacies of the scheme and help them navigate the application process. 

 

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Posted by: Nicola Severn Categories: Buying, Estate Agents, Finance, Mortgages Tags: , , , , Comments Off on Popularity of Help to Buy scheme increases

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