The Help to Buy mortgage scheme has been responsible for a record number of housing completions, according to England’s largest Help to Buy agent.
Orbit Help to Buy agent has seen a huge rise in applications from aspirant first-time buyers since the government launched the 95 per cent mortgage scheme.
Margaret Snook, head of Orbit Help to Buy Agents, said: “The Help to Buy equity loan scheme has been very popular, not least because it’s available to everyone, not just first-time buyers, so it’s appealing to current homeowners who need the help of the equity loan to be able to move up into their next home.”
The government scheme requires a five per cent deposit, and provides a 20 per cent equity loan to first-time buyers to help them get onto the property ladder. It has generally been met with positive reviews.
Ms Snook said that Orbit had taken extra measures to ensure that the company is prepared for the increased demands. It operates in a number of different counties across the UK, primarily across the West Midlands and eastern counties.