The Help to Buy equity loan scheme which allows home buyers to buy a home with just a 5% deposit is a success, a recent report conducted by the Government suggests. The extension of the Help to Buy London scheme has proved a vital lifeline for many looking to get on the Property Ladder for the first time.
Inspired Homes have recently featured in the First Time Buyer magazine with our case study about Project Manager, Toni Popova and her boyfriend Jack Moorcroft, who have been able to purchase an Inspired Home using Help to Buy London.
“We’ve been saving for about a year, with the intention of getting on the property ladder by the end of 2016; we’ve managed to pull together a deposit of £27,000, which includes financial contributions from our families. When we heard the Government was extending the Help to Buy scheme to Greater London and increasing their contribution to 40% we realised we could be in our own place much sooner than expected.”
Toni and Jack is a classic example of how Help to Buy has enabled buyers to get on the ladder much quicker than previously expected and with the rate that house prices are increasing it can save buyers a considerable amount.
“We knew we’d have to act fast, in order not to be priced out of Croydon, where demand is high and where house prices are rising very quickly”