Interest is high for the Help-to-Buy Scheme

Help-to-Buy is the scheme whereby first or next time buyers can purchase a new-build property,  maximum purchase price for elegible properties is at £600.000.

Buyers will be  contributing a 5% deposit from their own funds  while receiving a 40% interest-free government loan for five years, allowing them to take out a mortgage of 55% loan-to-value.

According to Greg Clark, Secretary of State for Communities and Local Government,  in the scheme’s first week 15,000 people registered their interest.

New Homes Director at Mortgage Advice Bureau, Andy Frankish reportedly said:  “The scheme has incredibly generous terms so it is no shock that it is generating a lot of interest.

“It may well be that people are just curious to see what they can get and how much it will cost them.

“If the enquiries do proceed to mortgage finance, homebuyers can only choose from new properties”.

Frankish reportedly said he didn’t expect to see the majority of purchase completions begin to materialise until the end of year as many of the properties people would be looking at would still be under construction.

 

 

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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