Lincoln’s Member of Parliament, Karl McCartney MP, has backed the Chancellor’s decision to extend ‘Help to Buy’ until 2020 – quoting figures on the success of the scheme in the City of Lincoln Constituency.
As part of his 2014 Budget, the Chancellor, Rt Hon George Osborne MP, pledged to continue offering the Help to Buy equity loans to would-be homeowners until 2020.
The scheme is specifically for newly built houses with the buyer just needing a 5% cash deposit to purchase a home. The Government offers a 20% equity loan as part of the deal leading to a 75% mortgage for the buyer.
Figures released by the Department of Communities and Local Government show that a total of 27 households in the City of Lincoln and North Kesteven areas have taken advantage of the scheme.
Commenting on the extension to 2020, Lincoln’s Member of Parliament, Karl McCartney MP, said: “The Budget had lots for Lincoln’s hardworking people to be pleased about and the Help to Buy equity loan extension is a very big boost for aspiring local homeowners.
“For far too long we had a system where hardworking people became trapped in rented accommodation. Yes they could pay the mortgage re-payments, however the huge initial deposit required was out of their reach. Help to Buy has and will continue to level the playing field.
“We have already seen 20 new homeowners in the City of Lincoln and seven in North Kesteven using the scheme and I am sure many more will be helped by the Help to Buy equity loan in the coming years.”
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For further information, please contact Karl McCartney MP at [email protected] / 020 7219 7221.