Help To Buy... For The Rich

A new mortgage scheme offering huge loans to young homebuyers may be less useful than it seems, experts say. London Help To Buy is supposed to aid aspiring homeowners in the capital, where the average property costs £530,000. Borrowers can get loans from the Government of up to 40 per cent on new-build properties costing a maximum of £600,000. They still need a 5 per cent deposit and will have to qualify for a normal mortgage. To buy a £600,000 house, you would need to save £30,000. The Government lends £240,000 interest-free and you’d have to borrow the remaining £330,000 from a bank or building society. But to qualify for a big mortgage you’d need a huge income — £73,000 a year — more than double the average London salary. Read more on the Daily Mail website.