Estate Agents ready to help first time buyers in Lincolnshire
ESTATE agents in Lincolnshire have broadly welcomed the Government's new scheme which should help local residents get a first foot on the property ladder.
Help To Buy phase two, which was launched by Prime Minister David Cameron on Tuesday, October 8, is being made available to potential property buyers across Lincolnshire.
And three major banks are launching new mortgages which will give local house-hunters a chance to buy their first homes.
The Government's expanded scheme, first unveiled in April this year, has been brought forward by three months.
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The new initiative will take advantage of the growth the property market has reported nationally and locally across the county.
The second part of the scheme applies to all properties worth up to £600,000, enabling buyers to purchase with only a 5 per cent deposit.
In the wake of the launch, Halifax, RBS and NatWest are taking mortgage applications under the new scheme.
And Virgin Money has indicated that it will definitely join in January next year.
The team at William H Brown in Sleaford say they are expecting high levels of demand from buyers.
Branch Manager for William H Brown, Simon Harvey, said: "This latest announcement on Help to Buy scheme is fantastic news for home owners looking to sell their property.
"If the popularity of the first stage of the scheme for new homes is anything to go by, there will now be a flurry of buyers looking to use Help to Buy to purchase a home in the coming months.
"With Help to Buy being available not only to first-time buyers but also home movers, there are likely to be a lot more buyers entering the market as a consequence of this scheme. Sellers can take advantage of this if they act fast."
Sleaford estate agent Mark Rice, said finer details of the scheme are still being talked through by lenders and the Government but it's good news for the housing market.
Mark said: "Because of the positive press nationally, I think first time buyers are sitting up and we are certainly seeing more first time buyers at the moment.
"WIth the credit crunch, people getting the deposit together has been the problem.
"That confidence is definitely creeping back into the market.
"I think the Help to Buy scheme will give it a push. I think it's just another good thing to help people realise I have only got five per cent but the Government will guarantee the rest."