Thousands of Hampshire homeowner backed by help to buy

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MORE than 4,000 people have used the Help to Buy scheme to get on to the housing ladder or move to a larger home in Hampshire.

Figures for the first four years of the scheme reveal that 4,195 people in the county have used it since it was launched in April 2013.

First-time buyers accounted for 81 per cent of sales and housebuilder Barratt Homes claims the scheme has been a real game-changer for many people.

Michelle Storer, sales director for Barratt Homes, said: ‘Hampshire has produced some strong results for the Help to Buy scheme and it is great to see such high figures in the area.’

Figures show 268 people took advantage of the scheme in Fareham, with 159 in Gosport, 364 in Havant and 133 in Portsmouth.

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.

Help to Buy allows any homebuyer to secure a 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 low mortgage rates currently available with just a 75 per cent mortgage.

Available to all homebuyers, not just first timers, the scheme helps anyone looking for a boost up the property ladder.