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Home Sales Expert Shows Flaws In Help To Buy Scheme

16 Jan 2014
Home Sales Expert Shows Flaws In Help To Buy Scheme

Swansea’s newest edition to the home buyers market, Can Do Home Sales, share their opinion on the Help to Buy scheme. The property experts argue that an alternative process, which is popular in America, is a far more viable option for many potential home owners.

When asked for her opinion on the Help to Buy scheme, Zoë Watkins, the Managing Director of Can Do Home Sales said: “If it helps people to achieve their goal of becoming a home owner then it is a positive. I think this will help those that have been unable to buy due to having to save for a large deposit. This then may help the housing issues of empty houses in Wales.”

There are four types of Help to Buy schemes. Help to Buy equity loans, shared ownership, New Buy and Help to Buy mortgage guarantees. These are available all across the UK. The government is hoping that it will go a long way to helping with the property market in the country, making properties more affordable for people across the market.

Miss Watkins warns that there are many people in the UK who are not in a suitable financial position to benefit from the Help to Buy scheme. “With Help to Buy you need to be able to qualify for a mortgage to be able to purchase a property. With Rent to Buy people who cannot qualify for a mortgage like people who are self-employed, new to the UK and who have a disestablished credit records can also achieve their goal of purchasing a property.”

Watkins continues, “The Help to Buy scheme focuses on a niche market and isn’t best suited to individuals with specific needs and circumstances. I previously worked with a couple who were born in Britain but spent ten years of their working life abroad so had no credit history. The Rent to Buy Scheme is giving them time to build up their credit history while buying their own home. This is something that the Help to Buy scheme can do nothing to remedy.”

The Help to Buy scheme and equity loans scheme are open to first-time buyers and home movers on new-build homes worth up to £600,000. This requires a minimum or a 5% deposit and the loan is calculated on an individual basis.


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