Details of second instalment of Help to Buy finalised
24 July, 2013
The Chancellor has been meeting lenders and builders this week to finalise the details of the second instalment of Help to Buy. This scheme was unveiled in the March Budget but full details about how it would work have not yet been clarified.
Set to launch in January 2014 and run for three years, under Help to Buy, the Government will offer a guarantee of up to 15% of the purchase price with the borrower putting down a deposit of between 5 and 15%.
The Government is offering £12bn worth of guarantees to lenders to fund £130bn of lending. If homes are repossessed and lenders lose more than the borrower’s deposit, they can access Government guarantees.
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