Over 420,000 people have bought properties with the help of the Government’s Help to Buy scheme.
It was launched in 2013 and the equity loan part of the scheme is only available until 2020. Buyers only need to provide a 5% deposit as the Government offers a loan of up to 20% so the combined 25% deposit lets buyers access more competitive mortgage rates from participating lenders. The scheme only applies to new builds and to properties up to £600,000.
Craig Hall, New Build Manager, Legal & General Mortgage Club pointed out that the scheme has helped more than 80% of first time buyers get on the property ladder and supporting growing families with moving up the ladder.
Jamie Smart, Director of smarthomes commented ‘It’s great that the scheme is doing what it set out to do – encouraging house builders to build more homes, allowing more first-time buyers, and keeping the housing market moving. We’ve seen evidence of this in Solihull and the surrounding area and we’re currently marketing new build properties in Studley and Dickens Heath that are eligible for the scheme. Our staff know all about Help to Buy and can advise anyone who needs to know more.’