The UK Government has responded to increasing reports on both mainstream and social media refuting the stories that suggest the “Help to Buy” Equity Loan scheme is under threat.
The Government has stated that;
We remain committed to the Help to Buy equity loan scheme to 2021, ensuring it continues to support home buyers and stimulate housing supply.
The government also recognise the need to create certainty for prospective home owners and developers beyond 2021, so will work with the sector to consider the future of the scheme.
The Help to Buy scheme is aimed at first time buyers in the United Kingdom and provides a range of options including the help to Buy ISA, Shared Ownership opportunities and Equity Loan arrangements where the Government will lend potential buyers up to 20% of a new build home enabling the buyer to purchase with only a 5% deposit and a mortgage on the remaining 75%.
The Department for Communities and Local Government has confirmed that the Help to Buy Equity Loan Scheme is regularly reviewed but any suggestion that it is to be cancelled is “simply incorrect”