Theresa May has announced that the Help-to-Buy -Mortgage Guarantee Scheme introduced by George Osborn in 2013 will come to an end on 31st December 2016. The scheme is said to have assisted around 86,000 first-time buyers climb the property ladder with the Government-guarantee loan of up to 95 per cent of the value of the property, with 5% deposit for first-time buyers.
There have been concerns that the end of the scheme may be counter-productive to the Government’s commitment to assist first-time buyers in securing property with a low deposit. The Chancellor of the Exchequer is opposed to the extension of the scheme or the substitution of a similar system despite concern for the inevitable decline in the first-time buyer market. The Government remains of the view that the scheme has achieved its purpose.
First-time buyers must not delay in taking advantage of the scheme before it finishes at the end of the year!! Everyone should note that, although, the help-to-buy mortgage guarantee scheme is coming to an end, help-to-buy options remain available for first-time-buyers until 2020; for instance, the help-to-buy ISA, and five year interest free equity loans for purchases of new-build home, among other competitive mortgage products offered by different lenders.
Whichever option you decide on, as a first-time-buyer, here at Riley Langdon Solicitors, we can make your property purchase stress-free. We are experienced Property Solicitors with a dedicated Conveyancer available to assist with your purchase.
Please take advantage of our no-obligation quote calculator which is easy-to-use and can be found on our website. This will give you a good idea of costs.