Record number of homes sold under the Help to Buy scheme in June

The government’s Help to Buy scheme has hit a new monthly record in June, with around 4,745 new homes being sold under the equity loan part of the scheme. That’s the highest number since the scheme began back in April 2013. The latest figures suggest that a total of 112,803 mortgages have been taken out using Help to Buy since it started, with 80% of those being first-time buyers. Help to Buy offers two different parts under the scheme which are a mortgage guarantee and an equity loan scheme. Both have seemingly been as popular as one another with 56,401 homes being sold under the mortgage guarantee and 56,402 under the equity loan. Both schemes allow buyers to put down a deposit of just 5%. The mortgage guarantee offering is due to end by December 2016, however the equity loan scheme will continue to 2020. The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. Setfords Solicitors are a national full service law firm, with conveyancing solicitors in Guildford and across the country.