Housebuilders and homebuyers benefit from Help to Buy scheme in Budget
THE Chancellor delivered a much needed shot in the arm for Britain's homebuyers and housebuilders with his new Help to Buy scheme.
The Help to Buy scheme improves on a previous scheme known as FirstBuy. It enables buyers to purchase their home without saving up a big deposit, but just putting down a 5% deposit on a home.
Up to 20% of the cost of the home is funded by a "shared equity" loan, which will be repayable when the home is sold.
The remainder is paid for with a standard mortgage.
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