The government recently announced it was pulling forward the second stage of its Help to Buy scheme. “The scheme was launched last week, and we believe it will be great help to 1st time buyers that have all but been excluded from home-ownership since the credit crunch in 2008” commented Phil Wardle from GO Property Services.

Even though property sales are beginning to recover, there is still a dearth of first time buyers that traditionally form a sizable part of a healthy housing market. Interest in the scheme is already high, and banks participating in it have reported an increase in appointments from buyers wanting to discuss mortgage applications. It’s anticipated that most of those taking advantage of this scheme will be first time buyers, but it is available to anyone wanting to move up the property ladder as it can be used to purchase properties up to £600,000 in value. However the scheme cannot be used to buy a second home.

Basically, the process of applying for a mortgage will be exactly the same as before, and applicants will still need all the relevant documents to prove eligibility for the loan. The main difference is that a 5% deposit will be sufficient to secure a mortgage at competitive interest rates. Before, buyers with small deposits had been excluded from the market completely, or had been penalised with higher interest rates.

The government’s part in this is to guarantee the mortgage. Anyone interested in Help to Buy should talk to GO Property Services today to see if we can help. It is anticipated that Help to Buy will really come to the fore in the New Year, so we’re particularly interested in speaking to vendors of starter homes who may now find that they could be in a position to sell.

If you’re in the market to buy, or sell, call Phil Wardle at GO Property Services today on 0115 9629770, or email This email address is being protected from spambots. You need JavaScript enabled to view it..