New Help to Buy 2 scheme will help more homebuyers
THE SECOND phase of the Government's Help to Buy scheme is now available, ahead of its planned launch in January, to help more buyers with small deposits get onto the property ladder.
The incentive was originally available to first-time buyers and on new-build homes up to the value of £600,000.
Available until January 2017, the second phase now includes older properties and aims to help those who already own a home and want to move but have limited equity in their properties.
It will help drive the market for 'used' homes by adding rungs to the so-called ladder by helping more people move.
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Help to Buy offers homebuyers a 95 per cent deposit with a mortgage of 75 per cent supplemented by a 20 per cent equity loan from the Government.
It is also interest free for the first five years and repayable at any time or on the sale of the home.
Estate agents Turner-Carr in Ilfracombe and Bushnell & Green in South Molton are both members of the Property Sharing Expert agency and commented on the second phase.
Robyn Houlford, sales manager at Turner-Carr, said: "Similar schemes in the past have helped thousands of people get into the housing market.
"With interest rates at historically low levels, it makes sense for those looking to get on the ladder and those wanting to move on to act now."
Sue Bushnell, director of Bushnell & Green, said: "There has been talk of a housing bubble being created as a result of the scheme but in the South West transaction levels are still fairly low and we are not seeing the kind of price increases being reported in London and the South East, so personally I don't think a bubble is likely.
"What the scheme is likely to do is encourage more people to put their properties on the market, which will help to satisfy the increased demand we are experiencing.
"We are steadily moving back to a more sustainable level of transactions and this can only help. Buyers, especially first timers, can only buy if prices remain realistic, achievable and affordable so the return of first-time buyers in greater numbers can only be good for the housing market as well as the general economy."