Member Article

Help to Buy scheme reaches milestone in the North West

The government’s flagship housing scheme, Help to Buy, has helped over 11,000 people in the North West buy a new home since it was created.

Help to Buy was launched in 2013 to support working families who could pay a mortgage, but couldn’t afford the high deposits demanded by banks and lenders in the wake of the financial crisis.

Together with the government’s Help to Buy: NewBuy scheme – which offers 95% mortgages for those buying new-build properties, the number of new homeowners has reached almost 90,000.

With almost all completions outside London, the highest number of homes have been through the mortgage guarantee scheme in the North West region.

Greater Manchester saw 4,196 homeowners enabled by the Help the Buy scheme, the highest figure in the North West.

Lancashire came in second with 2,385, closely followed by Merseyside with 2,261, Cheshire with 1,996 and finally Cumbria with 559.

Prime Minister David Cameron said: “Thanks to Help to Buy, this government has helped thousands of hardworking people that otherwise would have been locked out of home ownership get the keys to their own home and enjoy the security that comes with it.

“This is all part of our long-term economic plan to secure a better future for Britain – and, together with cutting income tax, lowering council tax bills and freezing fuel duty, the government is backing those who work hard and get on find the financial security they deserve.”

This was posted in Bdaily's Members' News section by Ellen Forster .