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Govt says Help to Buy 2 has seen £365m of mortgage applications

Prime Minister David Cameron says £365m worth of mortgage applications are being processed under the second part of Help to Buy scheme in its first four weeks. 

Writing in the Sun newspaper today, Cameron says 2,000 people have been accepted in principle to use the scheme and put in offers.

He also claims Help to Buy is “cutting mortgage bills”, suggesting that a Help to Buy mortgage on an average property is £2,500 a year cheaper than average deals at the same LTV.

Cameron says the scheme is boosting home building and says there are 30 per cent more homes being built now than last year.

He says: “Put it another way, every single day in the past month, 75 families have been put on the path to owning their dream home. This is working — some people have even got the keys already. But the best thing about Help to Buy isn’t these headline statistics. It’s who is benefiting from it.

“When we launched Help to Buy we heard a lot of scare stories about how this would be a policy for the rich, the South East, the elderly and those who already had homes.

“One month in and the figures show this is nonsense.

“The typical house bought with Help to Buy is just over £160,000 — well below the national average. It’s proving hugely popular across the country, with three quarters of applications outside London and the South East.”

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