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Cameron pushes Help to Buy forward

In Manchester this week Prime Minister David Cameron announced at the Conservative conference that the Help to Buy scheme designed to help people across the UK to take out 95% mortgages is being extended to cover older properties – three months earlier than planned. Lenders will need to make suitable mortgage products available and due to the short notice of the announcement products may not be available.

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The PM rejected fears the Help to Buy scheme will fuel a housing bubble. He told the BBC’s Andrew Marr show the market was “recovering from a very low base” and first-time buyers needed help to get on the housing ladder. “As prime minister I am not going to stand by while people’s aspirations to get on the housing ladder are being trashed. “He added: “If we don’t do this it will only be people with rich parents to help them who can get on the housing ladder – that is not fair, it is not right.”

He rejected concerns of an unsustainable boom in house prices, particularly in the south-east of England and urged people to “trust” the Bank of England, which has been given an enhanced role in monitoring the effect of the scheme on prices.

Some mortgage-lenders, including the Halifax, RBS and Nat West, had already signed up to the scheme. Some of the UK’s biggest lenders – HSBC, Santander, Nationwide and Barclays – have yet to decide. Enable of Bishop’s Stortford’s Independent Financial Advisors can help you find the best mortgage to meet your needs.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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