RG comments on Help to Buy housing scheme to close this year

RG Partner and Conveyancing Solicitor Tina Khanna:

Tina Khanna

“It will no doubt come as a surprise to many that the help to buy scheme will soon come to an end. This scheme has seen many buyers gain exposure to the property market who would otherwise struggle to raise the required 10% deposit. Whilst the UK property market has stabilised and lenders are now offering higher percentage mortgages, it will be interesting to see if the withdrawal of this scheme does cause any uncertainty or nervousness within the property sector”.

RG Residential Conveyancer Sophie Durkin:

Sophie Durkin

“Although the Help to Buy mortgage guarantee scheme was never intended to be available as a permanent aid to get on the housing ladder, it is disappointing to see it is being closed so soon.

I bought with the assistance of the scheme very recently and would have been disappointed if saving had taken me a little longer and the scheme was no longer available. It would have been nice for first time buyers to have more than a few months notice of the closure of the scheme given it can take a few months to find a suitable home even with finances in place. Overall it was a very positive scheme and did help thousands of people move from rented to their own home, but it would have been nice to see it in place a little longer to help a few more people”.

Read the original full story – Help to Buy has become the latest flagship policy of David Cameron and George Osborne to be dumped by Theresa May’s Government