First time buyers rush to check out the new Help to Buy scheme


Over ten thousand people who long to become home owners have flocked to check out the London Help to Buy scheme, to see if it can boost them onto the property ladder.
Reportedly, 15,000 people who are caught in the rental trap, or are stuck living with parents, flocked to see if the new Help to Buy scheme would be able to help them buy their own home.
On the 1 February, the new scheme went live, and has already drummed up massive amounts of interest.
The scheme is focused on the capital city, and involves the government offering an equity loan of up to 40 per cent of the property value. This differentiates it from the previously existing Help to Buy schemes, which only offered an equity loan of up to 20 per cent of the property value.
In the London boroughs, house prices have inflated to the point where this original scheme just didn’t cut it. The London Help to Buy scheme was therefore brought into effect in an attempt to level the playing field with the rest of the UK.
Building firms have reported that there has been a massive increase in the amount of first time buyers looking into their developments since the new scheme went live. For all practical reasons, the scheme gives first time buyers access to up to 45 per cent of the property value to use to secure themselves a mortgage (5 per cent must still be raised themselves and comes from their savings).
Hopefully, the market around London will be stimulated by these new interested people, which was the goal of the schemes when they were brought into play.

Get the Best Rates from Local Mortgage Advisers Now!

Finding the best mortgage advisers in your area is easy. Whether you're looking for buy to let, a residential mortgage, or a commercial loan, just enter your location into the form and answer a few questions. Then sit back and let the backend system do all the legwork to put you in touch with independent mortgage advisers near you!

Find the Best Rates from Local Mortgage Advisers!
Finding the best mortgage advisers in your area is easy. Whether you're looking for buy to let, a residential mortgage, or a commercial loan, just enter your location into the form and answer a few questions. Then sit back and let the backend system do all the legwork to put you in touch with independent mortgage advisers near you!

Powered by Bark

Close
100% secure