Monday 21 May 2012
The Home Builders Federation (HBF) has declared that 400 properties have been secured since the NewBuy scheme has been made available as reported in the Mortgage Finance Gazette.
The scheme enables people to buy property with a deposit of 5-10% and a government backed mortgage.
The HBF believes that positive initial figures indicate a strong start for the scheme, particularly as purchasing property can take a number of weeks. The government is hopeful that NewBuy will help people to purchase over 100,000 properties in the next three years.
Nationwide, Halifax, Santander, NatWest and Barclays offer mortgages under the NewBuy scheme and there are also currently 13 house builders registered with NewBuy with a further eight set to sign up.
Executive Chairman of HBF, Stewart Baseley noted in the Mortgage Finance Gazette that: “Reaching 400 NewBuy reservations within weeks of its launch is a fantastic start and clearly demonstrates the customer demand for this vital scheme.”
“These figures make us very confident that the scheme will deliver tens of thousands of sales over the coming years.”