Government Announces Help To Buy Scheme

March 26th 2013
By: Acquarone

George Osborne revealed further details about the new Help to Buy scheme in his recent budget designed to help first-time buyers, and second-steppers who are trying to buy or move up the property ladder. The draft which builds on the New Buy scheme, will not only be aimed at people wanting to buy new homes, or first-time buyers, but will also help people wanting to move up into a larger home, up to £600,000.

With the average house price in the UK currently standing at  £229,544, this means that this new scheme will potentially help people to buy a range of different homes, from any shape or size. Many families who have been struggling to work in an environment which is too small for their growing family, will now be able to move up, under the new Help To Buy proposal.

First-time buyers who in the past have struggled to save up the large deposits required from mortgage lenders, will be able to receive the help they need. The scheme will increase LTV (loan to value) lending, increasing the number of first-time buyers, and will have a positive effect on the overall housing market within the UK.

It will be interesting to see the details of the new scheme when they are announced later this year.

If you are looking at buy a first-time home or are looking to move up, then why not pop into Intercounty, for a cup of coffee, we can discuss the new scheme with you and help you to plan for your new or larger home.