Guest Blog: Will Help to Buy get homebuyers moving up the property ladder?25th October 2013

Housing Schemes, like Help to Buy, take a lot of the financial pressure and worry off buying a home. They also allow homebuyers the opportunity to buy a house that they may not have been able to otherwise, said housebuilders Stonebridge Homes who are helping buyers take advantage of the Help to Buy scheme.

With applications now also being considered for the second phase of the Help to Buy scheme, which has been brought forward three months, state-backed mortgages are now being offered to UK borrowers with deposits as low as 5%. And with both first and second time homebuyers eligible for Help to Buy, there is scope for a lot more people to benefit from the scheme.

Following the positive announcement of house prices in Yorkshire and Humberside firmly on the rise, this comes as further good news to the housing market. Recent studies also suggest that the Help to Buy scheme will encourage even more home buying over the next year.

Both schemes currently apply to properties of up to the value of £600,000, opening up a wealth of benefits to homebuyers when it comes to buying a new-build property and paying it off in a less stressful and more affordable manner.

Lenders who have already confirmed their participation include Lloyds Bank, Santander, HSBC, Barclays, Virgin Money and Aldermore. However, with the Government due to offer £12 billion worth of guarantees under the scheme, more lenders are sure to sign on and offer products to buyers that pass all the necessary checks.