
Number of borrowers opting for Help to Buy increases
February 24, 2022 by Alan
Borrowers
New data has revealed that the number of borrowers turning to the mortgage guarantee scheme called Help to Buy that was set up by the government rose from April to September 2021.
These figures total the number of homes that were purchased during the six-month period from when the scheme was rolled out. The results show that 6,535 completed property purchases during that time made use of the scheme, with 84% of all mortgages taken out to enable property purchases being by first-time homebuyers taking advantage of the scheme.
The mortgage loans provided under Help to Buy across that initial six-month spell add up to £1.2 billion. Furthermore, the second half of the six months saw a big rise in those taking advantage of the scheme, as in the period between April and June it only accounted for 812 completions.
Looked at by region, it is Scotland and the South East of England that have seen the highest number of completions through Help to Buy, while Northern Ireland, the North East and London are the areas where it has had the least impact so far.
In a statement, Karen Noye from Quilter stated that so far, the scheme is underperforming compared with the expectations of the government prior to launch, although she added that it was clear the numbers starting to use it to help them buy a home have begun to rise.
Advisors are using their CeMAP course know-how and contacts to identify specialist loans for first-time buyers, but further government support would be welcome.
Written by
Alan
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