21 Mar

Osborne offers lifeline for movers with Help to Buy scheme

Osborne offers lifeline for movers with Help to Buy scheme

Chancellor George Osborne has offered a lifeline to people with aspirations of purchasing a newly built home as their second property, using his Budget speech on Wednesday (March 20th) to reveal the details.

Until now, the NewBuy scheme has only applied to first timers, helping more people to gain a primary foothold on the ladder.

However, Mr Osborne said on Wednesday that he will be extending the scheme to include those who are trying to move to their second home but have no means to supply a large deposit when getting their mortgage.

These buyers will be able to purchase a newly built house with just a five per cent deposit, with the banks and lenders putting 75 per cent forward and the scheme giving them a loan for the remaining 20 per cent, which only needs paid back when the house is sold on.

The scheme will run for a full three years from the start of April, and it is thought that it will help somewhere in the region of 74,000 people realise their dream of owning a brand new house.ADNFCR-1222-ID-801560480-ADNFCR

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