How can you Help to Buy

The recent recession has made government schemes like Help to Buy ever more important.

As a result of changes in the employment landscape and reduced social housing, the private rented sector has grown from 14 – 18% and home ownership has fallen from 68 – 64%. Recent studies also suggest that by 2032 more than half of homes in the UK will be rented; the highest it’s been in 60 years.

Impossible deposit payments combined with lending difficulties makes renting seem like the only option. But with the Help to Buy initiative, you’ve all the help you need to get on the property ladder.

Help to Buy

The Help to Buy scheme was first introduced in 2013. It offers an equity loan to first time buyers/ current home owners who are looking for additional financial support. In January 2014 a second initiative was introduced in the form of a mortgage guarantee. Both schemes differ slightly, but the fundamental 5% deposit remains consistent throughout both.

Help to Buy encourages potential buyers to forget about renting, and to take the leap into home ownership. Those interested in the government scheme can find more information in this helpful video from Barratt Homes.

Help to Buy video by Barratt Homes.