The first people to buy their home under the UK’s new £4.5 billion Help to Buy scheme have the keys to their new three bedroom semi detached house.
The first time buyers have moved into their Taylor Wimpey home in Liverpool after securing a 20% loan under the government scheme which then enabled them to obtain a 75% loan to value mortgage. They put down a 5% deposit.
It means that former Queens Guardsman Nikolai Invanovic, 25, and nurse Catherine McClean, 26, who have moved from Northern Ireland, will now benefit from lower monthly payments while they progress their careers.
‘We want to help even more people through the scheme, and with over 300 house builders now signed up to Help to Buy, I’m confident that over the coming months we’ll see many thousands more achieve their dream of owning a home,’ said housing minister Mark Prisk.
‘I’m delighted that, just five weeks after the launch of Help to Buy in the Budget, the scheme’s first buyers are moving into their new property. I’d like to congratulate first time buyers Nikolai and Catherine as they move in today, and wish them all the best for the future,’ he added.
Pete Redfern, chief executive of Taylor Wimpey, said the firm has seen significant increases in customer interest following the scheme’s announcement and it is proving popular for those looking to get onto or move up the housing ladder. ‘The measures announced by the Chancellor will help home builders get Britain building and add a welcome vibrancy to both the new and second hand market over the next three years. The country is desperately in need of more homes and we welcome the government’s focus on addressing this,’ he explained.
‘Help to Buy has been a massive help to us. We certainly wouldn’t be in the position we are now without it. It has enabled us to own our own property. I am the first person in my family to own my own home and I am immensely proud,’ said McClean.
‘We have been so lucky to have been given a helping hand to allow us to achieve this. It will just be so nice just to live together in our own home. I’m so excited,’ she added.
The Help to Buy initiative involves an equity loan scheme which is available on new build properties up to the value of £600,000. There is no salary cap for purchasers, and it is available to both first time buyers and existing home owners. Eligible purchasers receive a Government loan of 20%.
Kindly shared by Property Wire.