March 19th, 2014
Good news for new home buyers as the Chancellor, George Osborne, announces he intends to extend the ‘Help to Buy’ scheme for a further four years from 2016 to 2020. The Chancellor was being interviewed on the BBC’s Andew Marr Show, ahead of the Budget. He revealed how he plans to extend the successful scheme as part of his strategy to continue to support the house building industry and also to help solve the housing crisis.
The scheme originally had £3.7bn set aside until 2016, the news will mean that a further £6bn will be added to the scheme which could potentially support 120,000 new homes being built. The announcement has been welcomed by house builders.
“We warmly welcome the Chancellor’s commitment to extend the Help to Buy Equity Loan scheme.
“Help to Buy has reinvigorated the home building industry, contributed to a sharp increase in new housing starts and allowed thousands of first-time buyers onto the housing ladder,” said Stewart Baseley, Exec Chairman of the House Builders Federation.
Since its launch, the Help to Buy scheme has been a huge success and has received over 25,000 applications to either purchase or reserve a new-build home. Available only to buyers of new build homes, the buyer must not currently have a mortgage, must have a 5% deposit, must not sub-let the home and it must be their only property. ‘Help to Buy’ provides a 20% equity loan of the property value leaving the buyer to secure the 75% mortgage. Ultimately by using the scheme it means new home buyers have lower monthly mortgage payments and smaller deposits than a ‘normal’ mortgage.
If you have found your dream Seddon home and would like to find out if you are eligible for the Help to Buy scheme then contact our sales advisors now on 01925 839500. They can talk you through the scheme and also arrange for you to meet an approved financial advisor to discuss your options. Join the thousands already taking advantage of ‘Help to Buy’ and make owning your own home a reality.