Insights & advice

15,000 new homes bought under Help to Buy scheme

Help To Buy Scheme Aids Buying 15k New Homes | Middletons Solicitors 

More than 15,000 people have signed up to buy a home under the government’s Help to Buy: equity loan scheme.

Housing Minister Kris Hopkins said the figures showed there was a renewed confidence in the housing market.

The scheme came into effect on 1 April 2013 and applies to new build properties only.

To qualify, you need a minimum deposit of 5%. The government will then lend you up to 20% of the value of the property through an equity loan. This is interest free for five years and can be repaid at any time within 25 years or on the sale of the home.

It means you could buy a property with just a 75% mortgage from a bank or building society.

The scheme is run in partnership with building companies across the country. So far, more than 900 developers have signed up to take part. More than 80% are smaller firms, building 40 homes or less.

This has helped to create jobs and provided a boost to businesses near the major development sites.

Mr Hopkins urged more builders to get on board to offer the scheme on their new homes.

He said: “The Help to Buy: equity loan scheme is not just helping thousands of buyers on to the property ladder, but is making an important contribution to people’s lives by creating jobs, boosting local business and stimulating the economy.”

The housing market is expected to get a further boost with the introduction of the £12billion Help to Buy: mortgage guarantee, which came into effect in October.

Potential buyers have to provide a minimum deposit of 5%. The government will then provide a guarantee for up to 15% of the purchase price. This is designed to encourage lenders to offer 95% mortgages, secure in the knowledge that the government guarantee minimises any risk.

Please contact Ingrid Hindle or Jo Ayrton in our Warminster office on 01985 214444, or Sandra Smith in Westbury on 01373 865577, or email  if you would like more information about the legal aspects of buying or selling a home.

We provide client focussed legal advice and assistance.

Our solicitors strive to deliver the best advice and assistance and an outstanding customer experience.

We serve our customers right the way across Wiltshire and Hampshire with offices in Warminster, Amesbury and Stockbridge.

Enquire about our services today.

Just a short note to once again express my sincere thanks to you, Sue and the M&U team, for all your help, cooperation and first class professional support. I am most grateful to you all.

Chris Stephenson, Warminster

Middletons Solicitors uses cookies to ensure that we give you the best experience on our website. If you continue we assume that you consent to receive all cookies on this website.