Over 350,000 young people and families have been helped into homeownership with Help to Buy since its launch in 2013.
The major milestone was reached as the official Help to Buy statistics were published on 11 May 2022. The statistics show:
The new Help to Buy: Equity Loan for first time buyers started on 1 April 2021 and will continue to help thousands more people to own their home until March 2023.
Purchasers can borrow up to 20% of the cost of a new build (40% in London), funding the balance via a mortgage and repaying the loan when they sell.
Help to Buy is just one of the ways the government is making homeownership more achievable and affordable. Shared Ownership, First Homes and the mortgage guarantee scheme are supporting many more people into homes of their own.
The mortgage guarantee scheme statistics also published on 11 May show 12,388 mortgages have been completed since the scheme’s launch in April 2021 to 31 December 2021, with the total value of mortgage loans at £2.2 billion. The majority of mortgage completions under the scheme were outside London and the South East (86%) with the highest proportion of property completions in Scotland (24%) and North West (12%).
You can read more about Help to Buy and the mortgage guarantee scheme.
Future homebuyers will see their prospective property bills reduce from 30 June 2022, when the government’s ban on charging ground rent on new leases in England and Wales comes into force. The government is taking action to rid future homeowners of annual costs – known as ground rent. Sometimes worth hundreds of pounds a year, […]
The Prime Minister has announced (9 June) that the government will launch an independent review of access to mortgage finance for first-time buyers, with the aim of making it easier for this group by widening access to low-cost, low-deposit finance such as 95% mortgages. Currently, soaring house prices, stringent mortgage lending restrictions and high deposit […]