How much do you know about the Help to Buy scheme?
Many people seeking to buy their first home in the UK could be taking advantage of affordable Help to Buy financing, but perhaps need more awareness of the government scheme, according to a recent study.
According to results from a poll carried out by the Mortgage Advice Bureau among UK consumers, around 38% of people are not too familiar with the Help to Buy 95% mortgage scheme, where borrowers can put down a deposit of 5% of the property price and get a mortgage covering the remaining 95%.
More than two in five (42%) of respondents didn’t know about equity loans provided under Help to Buy, even though the scheme was rolled out in April 2013, several months before the 95% mortgage guarantee programme took off.
Some 22% of respondents admitted that they have not sought financial assistance under Help to Buy simply because they didn’t know enough about the scheme. Another 17% admitted they have not enquired about the programme because they didn’t know if they would qualify. It’s also a common misconception among consumers that only first-time buyers are eligible to Help to Buy – a belief shared by 17% of respondents.
Nevertheless, one out of ten respondents said they have already studied the options for financial support offered as part of the scheme, and another 35% expressed willingness to do so. This points to Help to Buy’s growing attractiveness and consumers’ increasing need for information about the products available, the Mortgage Introducer reports.
If you would like to learn more about the Help to Buy scheme, click on this informative link.