More than 297 families in NE Beds have been able to realise their dream of home ownership thanks to the Government’s Help to Buy schemes, latest figures have shown.
Nationally, through Help to Buy and Right to Buy, almost 600,000 more families have got onto the housing ladder since 2010.
Help to Buy has two main schemes. One allows future first-time buyers to take out an Individual Savings Account which pays out a Government bonus of up to £3,000 towards the cost of a new home. Another scheme, the equity loan, means buyers only need to raise 5 per cent of a property’s value for a deposit and the Government loans up to 20 per cent of the property’s value, which is interest-free for five years.
Right to Buy enables tenants to buy their council home at a price lower than the full market value.
The statistics show that 494,108 families have used Help to Buy and 98,461 families have used Right to Buy.
Families across the country are benefitting from the schemes with more than 93 per cent of completions taking place outside of London.
“This is great news for the 297 families in NE Beds who have been able to get the security of home ownership through the Help to Buy schemes.
We want as many people as possible to get a foot on the housing ladder, that’s why we have abolished stamp duty for 95 per cent of first-time buyers and boosted the Help to Buy equity loan scheme”.