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Government gives boost to housing market with Help to Buy scheme…

Enable Independent IFA’s in Bishop’s Stortford were delighted to see that George Osborne is committed to boosting the housing market within the UK.

We have seen that one of the main stumbling points for people accessing the best rates of mortgage has been managing to save up the 25% LTV mortgages, that many high street lenders are offering. First-time buyers have tended to get into a money trap, where they are paying, in some cases higher rates of rent than they would pay to buy a home within the area they need to live.

The housing market in most areas in the UK, with the exception of the home counties and London, have largely remained stagnant over the past few years, with some home prices going down, that has been mainly due to the lack of first-time buyers being able to get onto the housing market.

However under the new budget, the Government have pledged over £130 billion worth of mortgage lending to not only first-time buyers wanting to by a new home, but to everyone, including those people who want to move up into a larger property, worth up to £600,000.

The details of the scheme will be revealed later this year, but it is believed that the borrower will need to find 5% of the deposit and then the government will pay a further 20%, interest free for the first five years of the loan.

Osborne stated: “Deposits for a mortgage have put ownership beyond the majority of consumers. Not only is this a blow to home ownership aspirations, it’s a blow to social mobility.”

If you are looking at either moving up or moving into your first time home and would like to find out more about the new Help to Buy scheme then why not give one of our Independent Mortgage advisors a call. Unlike high street banks we can choose a mortgage from across the whole market place, giving you the best deals.

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