Almost 2,500 homebuyers in the Bristol area have used Help to Buy with 84 per cent being first time buyers.
As New Homes Fortnight gets underway (February 12-25), latest government figures reveal that 2,442 people in Bristol and North East Somerset, the City of Bristol and South Gloucestershire have used the scheme since it was launched in April 2013.
First time buyers accounted for 84 per cent of sales and local housebuilder Barratt Homes says the scheme has been a real game changer for many people.
Andrea Pilgrim, sales director for Barratt Homes said the scheme has proved invaluable for first time buyers and the scrapping of stamp duty for this group has given those looking to get on the housing ladder an additional boost.
“While Help to Buy is available for first time buyers and those moving up the housing ladder the statistics reveal what a massive help it has been to those looking to buy their first home in particular,” said Andrea.
“It’s vital that we keep spreading the word that buyers need just a five per cent deposit to buy a new home so we can help even more first time buyers this year.”
Help to Buy enables anyone, both first time buyers and existing owners, to put down just five per cent as a deposit for their new home and to take advantage of a government equity loan providing access to more affordable mortgage rates.
Help to Buy allows any homebuyer to secure a brand-new home under the value of £600,000 with just a five per cent deposit. The government lends the buyer 20 per cent of the value of the property in the form of an interest free equity loan for five years, meaning that buyers then gain access to some of the great mortgage rates currently available with just a 75 per cent mortgage. Available to all homebuyers, not just first timers, the scheme helps anyone looking for a boost up the property ladder.
On the Barratt Homes website there is lots more information on Help to Buy - http://www.barratthomes.co.uk/Offers/Help-to-Buy/ together with a handy calculator which shows how much people can borrow using the scheme.