Government confirms its commitment to helping homebuyers
Published: 31 July 2017
The government has reiterated its commitment to helping more people own their home.
Alok Sharma, Housing and Planning Minister, said: “As set
out in our Housing White Paper, we’re committed to helping those aspiring
home buyers currently locked out of the market to turn their home ownership
dreams into reality.”
The confirmation came as the government released figures
showing that more than 285,000 homeowners, including 240,000 first time buyers,
have now been supported by the Help to Buy schemes.
The Help to Buy Equity Loan scheme offers buyers up to 20%
of the cost of a new build home so they only need to provide a 5% deposit. It
is open to both first-time buyers and those looking to step up the housing
The London Help to Buy scheme provides an equity loan of up
to 40% for buyers in the capital with a 5% deposit. It is also open to both
first-time buyers and those wishing to make their next move.
Meanwhile, nearly a million people have taken out Help to
Buy ISAs, which are aimed at first time buyers.
For every £200 you save, the government will provide a bonus of £50. The
maximum bonus you can receive on completion of a property purchase is £3,000.
Please contact Pauline Fox in our Conveyancing Team if you
would like advice about the legal aspects of buying and selling a home.