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Help to Buy supports 6,000 applicants in three months

Less than three months from the launch of the Help to Buy mortgage guarantee scheme, over 6,000 people have put in offers on a home and applied for a mortgage, Prime Minister David Cameron has announced.

Once approved, these mortgage applications would amount to nearly £1 billion of new lending to aspiring home owners who may have previously found the property market out-of-reach because of the size of deposit required.

In just 12 weeks since the scheme launched, nearly 750 homeowners have completed their purchases and hundreds were able to spend Christmas in their new homes.

As banks continue to introduce Help to Buy products, two-thirds of the entire UK mortgage market will support the scheme, bringing home ownership to a growing number of people.

An additional 20,000 households have also been supported by the Help to Buy Equity Loan scheme, a separate scheme where the government provides an interest-free loan to support the purchase of the newly built home.

New figures show that under Help to Buy households are looking to buy homes worth around £160,000, which remains below the UK average house price of £247,000.

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

Around three out of four applications are from outside London and the South East, and over four out of five are from first time buyers.

“In less than three months, the scheme has already helped thousands of people. I want to see that continue in 2014 and for Help to Buy to help thousands more realise their dream of home ownership,” said Prime Minister David Cameron.

Source:  Money Advice Service

Sam: 3rd Jan 2014 16:38:00

 

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