27 Mar

Help to Buy success revealed

Help to Buy success revealed

The government's Help to Buy scheme has helped more than 17,000 people step on to the property ladder.

Prime Minister David Cameron revealed the majority of people benefitting from the scheme are located outside of London and the South East and it is expected this trend will continue.

The latest figures show 17,395 households purchased property through the scheme, which enables them to borrow part of the deposit so they obtain a more favourable mortgage.

"Help to Buy is a key part of our long term economic plan, giving thousands more people the security and independence that comes from owning their own home," said Mr Cameron.

Figures showed the average cost of a house bought via the scheme is £194,992.

It also appears to benefiting a number of mortgage providers, with Lloyds and RBS having received around 9,000 applications, while one of the smallest lenders, Aldermore has received 2,313.

The government's recent Budget confirmed the equity loan part of the Help to Buy scheme will continue to 2020.ADNFCR-1222-ID-801707474-ADNFCR

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