Help to Buy continues success

Tue, 16 Jul 2013

Help to Buy continues success
The Help to Buy mortgage scheme has continued to be successful, with 7,000 reservations for new-build homes in its first three months.

Under the programme, house buyers can access a government loan worth 20 per cent of the value of a property, with five per cent paid up front by the customer as a deposit and the other 75 per cent covered by a mortgage.

The government credit is interest-free for five years and has a relatively low rate after that, but this is only available on newly built homes.

This has proven very useful for first-time buyers who have previously struggled to make up the amount of money needed to pay off a deposit.

Housing minister lowercase Mark Prisk said: "With almost 7,000 reservations inthree months, it's crystal clear that the Help to Buy equity loan has captured the public's imagination and is getting Britain building again, which will help achieve a long-term, stable housing market."

He added any credit-worthy buyer can now access the scheme and people who are interested in the Help to Buy should contact their local estate agent for more details.
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