Christine Hadfield, Conveyancing Executive in Astle Paterson’s Conveyancing Department discusses the recent news that use of the Help to Buy scheme is at an all time high.
Chris said “More and more people are taking advantage of the Government’s Help to Buy Scheme to get themselves onto the property ladder.
A record number of new homes were sold under the equity loan scheme in June 2015, with 4,754 homes being bought under it in that month. This brings the total amount of mortgages arranged under Help to Buy to 112,803, with almost exactly half being attributed to each of the two schemes – the equity loan scheme and the mortgage guarantee scheme.
Under the equity loan scheme, the Government takes up to a 20% stake in the value of the home. This enables the buyer to put down a deposit of just 5%. This scheme has recently been extended to 2020.
Under the mortgage guarantee scheme, the Government promises that a mortgage will be paid, again enabling the buyer to put down just a 5% deposit. This scheme is due to end in December 2016.”
Chris continued “The Help to Buy schemes make the legal conveyancing process in the purchase more complex than a standard one. However, here at Astle Paterson we have helped many clients purchase their new homes under the schemes since they began in April 2013.
With our sound knowledge and depth of experience, we can offer a guiding hand to you through the difficult process.”
Should you be considering buying a home under the Help to Buy Scheme then please contact our Conveyancing Department at Astle Paterson on 01283 531366 or by way of email at conveyancing@astlepaterson.co.uk to obtain a no-obligation fixed-fee quotation for our legal services.
