New London Help to Buy mortgage scheme explained
Aspiring homebuyers in London have been given a helping hand onto the property ladder by the new “London Help to Buy” equity loan scheme which launches today.
The scheme, which is available to those buying a new build property in the capital, will provide buyers who have a 5pc deposit with a loan of up to 40pc of the value of the home, interest-free for five years.
George Osborne, the Chancellor, unveiled the scheme in the 2015 Autumn Statement and said it has been developed in recognition of the higher cost of housing in London than in other parts of the UK.
The Government’s Help to Buy schemes have resulted in a 60pc rise in the number of first-time buyers across the UK. But have had significantly less impact in the capital, where house prices have soared out of reach of the majority of young buyers.
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