Help to buy II launches today

  • The second part of the governments Help to Buy scheme has been launched today.

    Banks have now begun to offer mortgages that will work alongside the government's Help to Buy scheme, which aims to help people secure mortgages.

    RBS, NatWest and Halifax will now start taking applications for those wanting to secure a mortgage that can only afford a small portion of the deposit.

    The second part of the scheme has been launched amid concerns of a housing price bubble, however Treasury Secretary Danny Alexander has said that there is no UK price boom in a discussion with the BBC.

    "People who think that there's a housing bubble should get out more. They should get out of Kensington and Chelsea, and go to Manchester or Birmingham, and major towns across the country," he said.

    He said the scheme would help those people to who do not have "piles of cash" for a mortgage deposit.

    The Royal Institution of Chartered Surveyors has said that a large majority of surveyors were expecting house prices to rise.

    The first phase of the scheme began in April and allowed buyers of newly built homes to become eligible for a 20% equity loan from the government on top of their 5% deposit. The new phases will see buyers only needing to provide a small deposit and the government will offer a 15% guarantee of the loan to the lender to encourage the bank or building society to offer the loan.

    The scheme is available to first time buyers and home movers who are borrowing to buy new and old home valued at no more than £600,000.

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