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Loan charges: Help to Buy could boost house prices

Houses prices could be driven up under the Help to Buy scheme rather than seeing more first time buyers acquiring mortgages.

The Office for Budget Responsibility (OBR) has said that this scheme is only likely to drive up house prices.

Chancellor George Osborne announced the Help to Buy scheme in the Budget on March 20th. Under the scheme, buyers who place a deposit of between five and 20 per cent on a house worth under £600,000 could gain an interest free mortgage on up to 20 per cent of the value of their house.

He also said that the government would be able to help guarantee mortgages for people who are unable to provide large deposits.

The scheme was unveiled to boost movement in the property market and the construction sector. However, if house prices are driven up then it will still be difficult for first time buyers to enter the market.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801563486-ADNFCR

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