Published: 14th Jun 2019

Around two thirds of home buyers could have bought a property without the support of the government’s Help to Buy scheme, according to the National Audit Office (NAO). In a new report, the watchdog claims the government’s own research shows just 37% of households would not have been able to buy any property without the aid of the scheme. While 31% said they could have bought a property they wanted without any assistance from the programme. Under Help to Buy, the government lends up to 20% of the cost of a newly-built property – or 40% within Greater London – so buyers need only a 5% deposit and a 75% mortgage to buy a home. The loan must be paid back in full on sale of the property, within 25 years, or in line with the buyer’s main mortgage if this is extended beyond 25 years. According to the NAO, … (To read the full article, subscribe below)