Help to Buy sees £1 billion of lending

During the last three months over 6000 people have put in offers on homes and applied for a mortgage thanks to the Help to Buy scheme.

The latest statistics released by the government show that nearly 750 purchases have already been completed through the scheme.

Once approved these mortgages would represent nearly £1 billion of new lending to aspiring home owners.

The government also revealed that Barclays and Santander will introduce their own Help to Buy products onto the market in January, joining Lloyds Banking Group, RBS, HSBC, Virgin Money and Aldermore who have all launched products over the last 3 months.

New figures also show that an additional 20,000 households have also been supported by the Help to Buy Equity Loan scheme, a separate scheme where the government provides an interest-free loan to support the purchase of the newly built home.

Prime Minister David Cameron said: “The New Year is often a time when people look to make those big life-changing decisions like moving home or taking that first step on the housing ladder.

“But too many people have found themselves frozen out of the market in recent years as a result of the size of the deposit required.

“That is why as part of our long-term economic plan we introduced the Help to Buy scheme, so hardworking people with sufficient earnings can get on, fulfil their aspirations and enjoy the security of owning their own home.”

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