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More than 35,000 people have now used Help to Buy

More than 35,000 people have now used Help to Buy

The Help to Buy scheme has now enabled more than 35,000 people to buy a new home, according to the latest government figures.

Almost three quarters of the homes bought using the scheme were new-build properties.

This has helped to provide a boost to the construction industry with private house building rising by 34% since the launch of Help to Buy.

While Help to Buy only represents around 3% of house purchases, a total of 85% of people using the scheme are first time buyers.

The success of the scheme has led to concerns over rising house prices and fears that some borrowers may not be able to meet their monthly mortgage repayments if interest rates rise. With this in mind, the government has now set a limit on how much buyers can borrow through Help to Buy.

It means that new loans granted under the scheme must be less than 4.5 times the borrower’s income. The move is designed to provide a safeguard without stifling the housing market or reducing the number of new homes being built.

Prime Minister David Cameron said: “Help to Buy has helped thousands of hardworking people to buy a new home and crucially it is helping to increase the number of new homes being built around the country.”

Please contact us for more information about Help to Buy or the legal aspects of buying and selling a home.