Wednesday, 12 August 2015

Help to Buy Supports Only 47,000 Mortgages - 60% behind Chancellor's Target

George Osborne’s Help to Buy scheme to get would-be home owners on the property ladder is more than 60% behind target. It was introduced by the Chancellor to help those who can afford a mortgage but do not have enough cash for a deposit. It means that qualifying buyers can put down just 5% of the sale price with the lender providing the remaining 95%. And the Government guarantees the mortgage company for losses if the borrower defaults. The scheme started in January 2014 and is set to run until 2020. But the number of mortgages supported is 47,000 according to the Treasury’s annual accounts. And the Chancellor had hoped for a take-up of more than 118,000. Read more on the Sunday People website.

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