First time buyers rush to Help to Buy scheme

Three quarters of the applications for mortgages under the Help to Buy scheme are from first time buyers, and according to lenders Halifax, RBS and Natwest, the demand in the first four weeks has been very high.

Halifax alone have received mortgage applications totaling £194million in the first month of the scheme, with the average house price being £160,157 - largely inflated by properties in England. The first house purchase with a Help to Buy mortgage has been completed, and involved a 5.5 per cent deposit on a property costing £152,500.

Help to Buy mortgages are available in Northern Ireland and the rest of the UK, and give first time buyers the opportunity to get on the property ladder with significantly less up-front cash compared to several months ago, when high deposit requirements were a formidable hurdle for most purchasers.

If you are buying, selling or remortgaging a house in Northern Ireland and require a property solicitor to handle the conveyancing process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.