Help to Buy was created in 2013 to support hard-working taxpayers who could pay a mortgage, but couldn’t afford the high deposits demanded by lenders in the wake of the financial crisis.
Together with the government’s Help to Buy: NewBuy scheme – which offers 95% mortgages for those buying new-build properties, the number of new home owners has reached almost 90,000.
The scheme also continues to benefit first-time buyers overwhelmingly, with the vast majority of sales outside of London and at prices well below the national average.
Help to Buy is also ensuring the long-term health of the housing market by increasing housing supply, stimulating home building. Over half of the homes bought through Help to Buy are new-build properties, helping to contribute to the 37% rise in private house building since the launch of Help to Buy.
On the Isle of Wight, 72 people have been helped with a Mortgage Guarantee (to 31st Dec 2014), whilst 73 have been helped through an Equity Loan (to 31st Jan 2015) and 7 on purchasing a New Buy.
Prime Minister David Cameron said:
“Thanks to Help to Buy, this government has helped thousands of hardworking people that otherwise would have been locked out of home ownership get the keys to their own home and enjoy the security that comes with it.
“This is all part of our long-term economic plan to secure a better future for Britain – and, together with cutting income tax, lowering council tax bills and freezing fuel duty, the government is backing those who work hard and get on find the financial security they deserve.”
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