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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