Help to Buy gets off to a flying start
It’s been three months since the Government introduced the Help to Buy Mortgage Guarantee Scheme and the initiative has reached a fantastic milestone this January – the month when the first funds were released. Help to Buy mortgage applications now represent £1 billion of new mortgage lending, with the number of applicants signing up for the scheme standing at 6,000 and growing every day.
Two new lenders have entered the Help to Buy mortgage market this January. Barclays and Santander have joined Lloyds Banking Group, RBS, HSBC, Virgin Money and Aldermore in offering Help to Buy mortgages, which enable most buyers to secure a mortgage with a deposit as low as 5%.
For more information you can read Jones Robinson’s full guide to Help to Buy mortgages.
Jones Robinson is working closely with FirstXtra financial services to explain the benefits of Help to Buy to clients, as well as secure them the best mortgage deals. Charlotte Goswell – Head of Sales at FirstXtra – says: “First-time buyers and homeowners with very low equity can now consider buying a property with Help to Buy. It’s providing a great alternative to renting and it’s also assisting many with their onwards move, as raising a 5% deposit is more achievable in a short space of time. In addition, rates have been reduced, making Help to Buy mortgages more attractive and affordable for buyers.”
Charles Robinson – Director at West Berkshire estate agent Jones Robinson – says any incentive that enables people to purchase their first home or move up the housing ladder is most welcome: “Help to Buy has really energised the housing market. Its introduction has put the general public in a positive frame of mind about property and we’re witnessing an increase in people registering their interest with us. Help to Buy has also shaken up the whole mortgage market, with lenders realising they need to be more competitive with rates and relax their criteria, to a degree. The result is a raft of attractive mortgage rates and a fluid property market where buying and selling is free-flowing. As such, we do need more property for sale as our list of buyers with mortgage offers is growing daily. We’re asking people to contact us for a free market appraisal, where we can advise what your property might achieve and who is waiting to purchase a home like yours.”
Contact a member of the team at Jones Robinson to discuss selling your home.
Buying | 06/02/14 09:38AM