Government to give First Time Buyers a £10bn boost

The Government have promised to help First Time Buyers by injecting the Help to Buy Scheme with more money. The extra £10bn is thought that it will help another 135,000 people get onto the property ladder. This is on top of the 200,000 people that the scheme has helped to date*.

How this helps First Time Buyers

Adam Nanson from Your Mortgage Expert comments:

HtB_RGB_Box“The Help to Buy Scheme helps First Time Buyers get their foot on the property ladder by helping them to access a mortgage on new build homes with a deposit as little as 5%. When the property is sold, the government takes back its loan and will make a profit if the property’s value has risen.

“With young people struggling to save for their first home, the figures now show that just 20% of those aged 25 now own a home compared to 46% two decades ago. So, it’s great news that the Government is trying to offer these people a helping hand. However, the announcements have been met with some criticism from some sectors of the property market on the basis that it may drive up house prices and only helps First Time Buyers who qualify for the scheme*.”

How Your Mortgage Expert can help

Adam Nanson continues:

“Despite the Help to Buy scheme being around since 2013, we are still finding that many home First Time Buyers do not understand these types of loan and whether they would be eligible to apply.

“We understand how these mortgages work, how to apply and can find you the most appropriate deal. We can also help you understand what you can afford and which of the lenders who have signed up to the scheme would be best for you.”

If you are interested in finding out more about the Help to Buy scheme why not contact Your Mortgage Expert? We don’t charge for the initial consultation, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.

Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.

You might also find it useful to read the dedicated Help to Buy page on our website. Alternatively, read about Chris, a First Time Buyer from Fareham. Adam Nanson from Your Mortgage Expert helped him to buy a property using the Government backed Help to Buy equity loan scheme.

The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Please note, by clicking on the link below you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.

*Source: http://www.bbc.co.uk/news/business-41459446