With the impending closure of Help to Buy what are young people to do?

In a little over two months’ time, the Government’s Help to Buy mortgage scheme will close to new applicants. Launched in the wake of the financial crisis to boost the UK housing market, the flagship scheme provides financial support and guarantees to mortgage lenders to ensure that they continue to offer mortgages with 5% deposits. The scheme was launched in 2013 and since then, close to 90,000 borrowers have taken advantage of it. But the scheme will close on December 31 despite growing evidence that the UK housing market is slowing down and warnings that the vote to leave the European Union will result in falls in property prices. A number of the major lenders have led demands that the Government extends the scheme but, to date, these appear to have fallen on deaf ears. What is the Help to Buy Scheme? The Help to Buy scheme was introduced to help people with smaller deposits get on the housing ladder. In England, it can be used to help purchase houses valued at up to £600,000


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s