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Housing Solicitors

London Help to Buy launches (2 February 2016)

Date: 02/02/2016
Duncan Lewis, Housing Solicitors, London Help to Buy launches

The government has launched the new London Help to Buy scheme, enabling first-time buyers in the capital to buy a home with a 5% deposit and a mortgage as low as 55%.

The Help to Buy scheme has helped more than 130,000 people buy their own home since its launch in 2013.

From Monday (01/02/16), first-time buyers and second-stepper homebuyers will get the opportunity to own a newbuild home in the capital with a deposit backed by a 40% equity loan from the government, which is interest free for the first five years.

Under the current Help to Buy scheme, loans of up to 20% of the property’s price are made available to first-time buyers and home movers on newbuild homes worth up to £600,000. In London, the loans will now be doubled to up to 40%.

Chancellor George Osborne said:

“This government is determined to help more people realise the dream of owning their own home.

“Our Help to Buy scheme has already helped tens of thousands get a step onto the housing ladder – and the Help to Buy Isa means many more will get a top up from the government as they save for a deposit.

“Today’s new scheme means an even better deal in the capital, where buying a home remains out of reach for too many – and to ensure there are more homes to buy for people across the country, in my Spending Review I set out plans to deliver the biggest affordable house building programme since the 1970s.”

Communities Secretary Greg Clark added:

“We’re determined to make home ownership a realistic aspiration for hard-working young people, wherever they are in the country.

“Our multi-billion pound investment will open the door to thousands of Londoners wanting to own their own home, following in the footsteps of nearly 270,000 people who have already bought through government-backed schemes – and now with the improved Help to Buy scheme launching in London, I would urge anyone who thinks home ownership is out of reach to look again at the help on offer.”

Housing Minister Brandon Lewis said Help to Buy was helping people “turn those dreams into a reality”, with a fraction of a deposit they would normally require – “and from today, the new London scheme will help even more people follow in their footsteps,” he added.

“Anyone thinking about home ownership and those who believe it is out of reach should look again at the range of government schemes available to them,” said Mr Lewis.

Duncan Lewis Housing Solicitors

Duncan Lewis housing solicitors can advise on a wide range of housing law – and also offer competitively priced conveyancing services.

There are Duncan Lewis offices across the UK and our housing team are also able to advise on:

• Debt management for homeowners
• Disrepair of rented property
• Housing Benefit
• Housing possession
• Landlords’ obligations
• Landlord and tenant disputes
• Lease extensions
• Local Authority housing
• Mortgage repossession
• Notice to quit
• Nuisance neighbours
• Planning applications and appeals
• Right to Buy
• Right to Rent checks
• Tenancy agreements
• Unlawful eviction.

For expert legal advice on housing law, call Duncan Lewis housing solicitors on 0333 772 0409.


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