Second phase of Help to Buy scheme launched

Sutton Kersh has welcomed the launch of the second leg of the Government backed Help to Buy initiative.

The chancellor recently announced details of the second phase of the scheme that will underwrite house purchases up to £600,000.    

The mortgage guarantee element of Help to Buy is due to come into effect in January 2014 and is aimed at enabling people to obtain a mortgage, without the need for a large deposit.

The scheme will apply to all homes, both new and existing, and will be available to first time buyers and home movers. It is not available to second home owners or those looking to rent out the property.

James Kersh Managing Director of Sutton Kersh: ’This is another positive step by the Government to energize the housing market which, based on our experience, is already starting to show positive signs of recovery. This is due in part to the introduction of the original Help to Buy Scheme.

‘Anything which makes finance more readily available to appropriate applicants has got to be good news.’  

The Help to Buy Scheme launched in the March budget enables buyers to purchase a property with a deposit of just 5%.

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