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Government confirms its commitment to helping homebuyers

The government has reiterated its commitment to helping more people own their home.

Alok Sharma, Housing and Planning Minister, said: “As set out in our Housing White Paper, we’re committed to helping those aspiring home buyers currently locked out of the market to turn their home ownership dreams into reality.”

The confirmation came as the government released figures showing that more than 285,000 homeowners, including 240,000 first time buyers, have now been supported by the Help to Buy schemes.

The Help to Buy Equity Loan scheme offers buyers up to 20% of the cost of a new build home so they only need to provide a 5% deposit. It is open to both first-time buyers and those looking to step up the housing ladder.

The London Help to Buy scheme provides an equity loan of up to 40% for buyers in the capital with a 5% deposit. It is also open to both first-time buyers and those wishing to make their next move.

Meanwhile, nearly a million people have taken out Help to Buy ISAs, which are aimed at first time buyers.  For every £200 you save, the government will provide a bonus of £50. The maximum bonus you can receive on completion of a property purchase is £3,000.

Please contact us if you would like advice about the legal aspects of buying and selling a home.