Help to Buy: Update

According to a recent report, research carried out by Experian suggests that nearly half of would-be homeowners under the age of 40 are planning to apply for Help to Buy assistance in 2014.

The study suggests that 39% of people applying for ‘Help to Buy’ this year are aged between 20 and 40 years.

Under the scheme, which came into effect at the beginning of October 2013, the Government will guarantee up to 20% of a mortgage where the value of the house is up to £600,00. This means applicants need only find as little 5% towards their deposit.

The Experian report went on to suggest that applicants should,

“Ensure everything is accurate and up-to-date. Simple issues like incorrect address details, linked accounts they may have forgotten about and not being on the electoral roll can hamper attempts to access a mortgage. Buyers should also play close attention to things like outstanding accounts that should be marked as settled."

Whilst Prime Minister David Cameron said that he hoped 2014 would see “thousands more realise their dreams of home-ownership” the significant take up of the scheme has fuelled fears of a housing bubble.

The Conveyancing Department at Hunt & Coombs Solicitors is experienced in acting for homebuyers and Lenders offering Help to Buy mortgages.

For more information download our short guide on Help to Buy here.

Or contact us by email for a free, no obligation quote.

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This article has been prepared for general interest and information purposes only; it does not constitute legal advice and should not be relied on as such. While all possible care has been taken in the preparation of this article, no responsibility for the accuracy and/or correctness of the information and commentary set out in the article, or for any consequences of relying on it, is assumed or accepted by the firm or the authors.