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The Governor of the Bank of England, Mark Carney, has this month given support to the Government’s Help to Buy Scheme, easing concerns that the Scheme would be brought to a premature end as a result of accusations that it was contributing to house price inflation. According to a report in The Times, whilst the Bank of England’s research indicates that Help to Buy loans account for just 5% of the mortgage market.
Help to Buy is designed to benefit both first-time buyers and existing home owners looking to move up the property ladder in cases where their levels of savings do not qualify them for a low loan-to-value mortgage. Help to Buy offers either the option of an equitable loan of up to 20% of the property value in the case of new-build properties, or a mortgage guarantee for either new-build or existing properties, such a guarantee allowing participating high-street lenders to offer up to a 95% mortgage. Both aspects of the scheme, therefore, allow buyers to offer a 5% deposit.
Here at Terry Jones Solicitors, we have the knowledge and expertise to guide potential buyers through the home buying process and the requirements of the Help to Buy scheme. Please feel free to contact Helen Ditchburn of our Residential Conveyancing Department (firstname.lastname@example.org).
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