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New campaign 'On The Move... Help to Buy' to help Gloucestershire property searchers

By CCampbell  |  Posted: April 03, 2014

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Today, we launch a campaign to encourage potential homebuyers into a new property by outlining additional support in the housing market.

On The Move... Help to Buy will explain the Government scheme, with the support of county estate agents and developers.

Over the next four weeks we will break down the Help to Buy scheme and explain what it means and how it can help you.

Steve Jones, director at The Property Centre, which has county offices in Gloucester, Cheltenham and Stroud, said the first stage of the scheme had made a strong impact on the UK's property market.

The Help to Buy equity loan scheme launched in April last year allows buyers with small deposits the chance to get onto the housing ladder. It was extended in last month's Budget by Chancellor George Osborne, to 2020.

Mr Jones said: "The Help to Buy equity loan is only available on new build properties worth up to £600,000.

"The scheme was available from April in England and can be accessed by all, not just first-time buyers, but applicants must not have another property, cannot take out loans on an interest-only basis nor rent out a Help to Buy property.

Leon Broady, of the Mortgage Advice Bureau and also a director at The Property Centre, said the scheme had a wide range of mortgage providers involved.

He said: "Major lenders participating in the first scheme include Barclays, Halifax, Nationwide, NatWest and Santander. More lenders are joining all the time.

"There are also Help to Buy mortgages available from smaller lenders such as Chorley, Leeds and Newbury building societies, although these may be restricted based on the location of the property."

Figures released showed 15,410 reservations had been made in the first six months following the scheme's launch.

Meanwhile, the Help to Buy mortgage guarantee scheme, the second phase of the initiative, helps homebuyers with good credit records who can afford to purchase the property outright with a deposit as low as five per cent.

These include first-time buyers trying to get onto the property ladder and second-movers needing to move up the ladder to a bigger home. These loans are not available for buy-to-let landlords or second home owners or for a shared ownership purchase.

The second phase was launched in October last year.

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