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More than 2,000 sign up to Help to Buy

More than 2,000 people have put in offers on homes under the Help to Buy scheme, totalling £365 million of new mortgage lending, according to the Department for Communities and Local Government.

On average, households have asked to borrow around £155,000 for houses worth about £163,000, which is below the UK average price of £247,000.

More than three out of four of the applicants are first-time buyers and many in their early thirties.

“Four weeks in and it’s clear that Help to Buy is already delivering. In just one month, over 2,000 people have been accepted for a Help to Buy mortgage. Or put another way, 75 families every single day have been put on the path to owning their dream home,” said the Prime Minister.

Applicants face average monthly repayments of around £900 and have an annual household income of around £45,000.

Banks have received applications from across the country with more than three out of four coming from outside London and the South East.

Source:  Moneyadviceservice.org

Sam: 13th Nov 2013 09:33:00

 

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