London Help-To-Buy Scheme To Launch In February

A government scheme offering homebuyers in London loans of up to £240,000 to help them buy new-build properties will go live on 1 February. Help to buy London is an extension of the equity loan scheme that has been available to buyers around the country since April 2013, which doubles the amount of money being offered from 20% of a property’s purchase price to 40%. While mortgage rates are still at record lows and lenders are increasingly willing to offer loans to first-time buyers, high house prices in the capital have locked many out of the market. To meet affordability checks and qualify for mortgages, borrowers have had to raise increasingly large deposits. Read more on the Guardian website.