Tim Loughton MP (East Worthing and Shoreham) last week attended an event celebrating the 100th user of the popular government-backed Help to Buy scheme. This month housebuilder Barratt Homes welcomed its 100th Help to Buy purchaser at the Cissbury Chase development on Bolsover Road in Worthing. On the day, Mr Loughton met with a young local family who have used the 5% deposit scheme in order to buy their first family home at Cissbury Chase.
Launched three years ago, Help to Buy is an equity loan scheme that has helped tens of thousands of homebuyers in the country either move onto or up the property ladder. Thanks to a 20% equity loan from the government and its 5% deposit requirement, a 75% loan to value mortgage can then be secured, meaning that mortgage rates typically associated with a 25% deposit can be accessed. Earlier this year it was announced that over 200 people in Worthing have already used Help to Buy and the scheme is expected to remain popular.
Mortgage advisor, Matt Woodcock, student midwife fiancé Roxy Granville and their four year old son Joshua have recently moved into an attractive three bedroom family home at Cissbury Chase. A first time purchase for Roxy, Matt sold his one bedroom apartment in Brighton and thanks to Help to Buy they were able to easily upsize into a three bedroom family home. The couple plan to marry in September.
Help to Buy is expected to last until the end of 2020 and so homebuyers hoping to benefit from the scheme still have three years to do so.
Tim said:
"It is great to see what a success the Help to Buy scheme has been and has made a very real difference for lots of young families especially to get their feet on the housing ladder. Cissbury Chase is a really imaginative and sustainable scheme made possible by this initiative and I congratulate Barratt on creating such attractive homes in this part of Worthing and a real community feeling."