It has been revealed that a government initiative is helping thousands of prospective buyers across Yorkshire to get onto the housing ladder.
New figures released by the Homes and Communities Agency (HCA) reveal that over 24,000 home buyers in the region have used the Help to Buy scheme since it was first launched four years ago, with 84 per cent of purchasers being first time buyers.
Local housebuilders, Barratt Developments Yorkshire East and Yorkshire West are encouraging interested buyers throughout the region to take advantage of the popular scheme, which has already helped tens of thousands of people across the country to buy a brand new home.
The scheme enables anyone, both first time buyers and existing owners, to put down just five per cent as a deposit for their new home and to take advantage of a government equity loan providing access to more affordable mortgage rates.
Paul Hogan, sales director at Barratt Developments Yorkshire East, said: “It is fantastic to hear that the Help to Buy scheme has helped so many people across Yorkshire purchase their new home. I am proud that the homes we have built have helped achieve such high figures for the scheme in the county.”
Sam Wood, sales director at Barratt Developments Yorkshire West, said: “Help to Buy has proved so helpful to many home buyers across the region and we would encourage anyone looking to buy a home with lower upfront costs to get in touch.”
Help to Buy allows any interested buyer to secure a brand new home under the value of £600,000 with just a five per cent deposit. The government lends the buyer 20 per cent of the value of the property in the form of an interest free equity loan for five years, meaning that buyers then gain access to some of the great mortgage rates currently available with just a 75 per cent mortgage.