Wealden MP, Charles Hendry, has welcomed the Government’s new Help to Buy mortgage scheme.
The £12 billion scheme has been launched by the Government and aims to help thousands of people buy a home of their own. Currently, many potential buyers are unable to afford to buy a home simply because of the large deposits required by mortgage providers.
This scheme was originally planned for January 2014, but has been bought to provide more support at an earlier stage.
The new mortgage guarantee scheme will guarantee financial support for first-time buyers and home movers on new-build homes worth up to £600,000. The mortgage guarantee scheme will require buyers to provide a minimum deposit of 5, with the Government contributing a further 15%, depending on the size of the deposit, directly to participating mortgage providers; Bank of Scotland, Halifax, NatWest, Virgin Money and RBS, with more providers joining in 2014.
Requirements must be met in order to eligible for the scheme, which can be found on the Help to Buy website – www.helptobuy.org
In support of this scheme, Charles Hendry said, “I am delighted that the Government not only launched this scheme, but brought its launch date forward to 2013.
“In an area like Wealden, it is currently extremely difficult for young, hardworking people to join the property ladder, and also for those who are looking to move to different properties.
“Young people who have grown up in Wealden are often forced to move away, as they cannot afford to buy a home near their families and I fully support this scheme, which will enable thousands of people to make the dream of home ownership a reality.”