Survey reveals success for Help to Buy scheme

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MORE than 650 Portsmouth residents have used the Help to Buy scheme to get them onto the property ladder, a survey has revealed.

Figures for the first four years of the scheme have shown that 133 people in Portsmouth, 364 people in Havant and 159 people in Gosport took advantage of the plan since its launch in April 2013.

First-time buyers and existing owners can invest just five per cent into a deposit for a new home worth under £600,000.

The government then lends the buyer 20 per cent of the value of the property by way of an interest free equity loan for five years.

Sales director of housebuilder business Barratt Homes Michelle Storer said:

‘Portsmouth has produced some strong results for the Help to Buy scheme and it is great to see such high figures in the area.’

‘Help to Buy has proved extremely valuable to so many homebuyers and we would encourage anyone looking to buy a home with lower upfront costs to get in touch.’

The scheme continues to run and aims to offer more locals help getting onto the ladder.