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Prisk: Nearly 7,000 Help to Buy reservations since April

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Almost 7,000 borrowers have reserved a home through the Help to Buy equity loan in the scheme’s first three months, according to housing minister Mark Prisk.

Prisk adds there have been 1,000 sales through the scheme since its launch on 1 April.

Under the scheme buyers receive a 20 per cent equity loan, interest-free for five years, which helps them buy a new build property from a participating housebuilder worth up to £600,000. The scheme is open to first-time buyers and existing homeowners.

The £3.5bn scheme is expected to help 74,000 homebuyers over the next three years.

A month ago, the Home Builders Federation published data showing 4,000 borrowers had reserved a home through the scheme.

Prisk says: “With almost 7,000 reservations in three months, it is crystal clear that the Help to Buy equity loan has captured the public’s imagination and is getting Britain building again, which will help achieve a long-term, stable housing market.

“So any credit-worthy buyer, whether a first-time buyer or someone looking to move up the property ladder, should contact their local Help to Buy agent and see if they could benefit from the scheme.”

The second element of Help to Buy, first revealed by Mortgage Strategy in February, is a £130bn mortgage guarantee scheme set to launch in January.

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