Consumer confusion over Help to Buy Scheme
Results from an independent consumer survey commissioned by the Building Societies Association (BSA), show that:
18 per cent of first time buyers and 17 per cent of home movers believe that they can borrow more through this scheme than with a ‘standard’ 95 per cent loan.
12 per cent of both first time buyers and home movers believe that their monthly repayments will be lower as a result of taking a Help to Buy: mortgage guarantee loan.
One in ten first time buyers (just 5% of home movers) believe that the scheme will protect them if they cannot keep up their monthly payments.
12 per cent of first time buyers (just 6% of home movers) say that Help to Buy: mortgage guarantee will protect them if their house price falls.
24 per cent of first time buyers and 22 per cent of home movers say that they are more likely to be approved for a Help to Buy mortgage.
In fact not one of these suppositions is true
This is a fantastic survey by the BSA and well worth having a read of the rest of it.