Latest Public Sector News

23.07.13

‘Rigorous checks’ announced for Help to Buy

Chancellor George Osborne has launched the second phase of Help to Buy, which ministers claim could guarantee up to 190,000 mortgages a year, over three years.

The £12bn scheme will underwrite home purchases worth up to £600,000, but will be subject to new income checks and ‘stress testing’ to ensure buyers can afford the mortgage.

From January 2014 the second phase will come into effect, offering buyers a deposit of as low as 5%. There will be a prohibition on using the loan guarantee to acquire a second home.

Borrowers’ credit history must also meet the Financial Conduct Authority's “impaired credit” standards to use Help to Buy.

A spokesperson said: “Borrowers must be able to afford the mortgages, with income verification and stress testing as set out in the FCA's mortgage market review.”

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