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Could Help to Buy just result in higher loan charges?

The government's Help to Buy scheme has given consumers the confidence to enter into the property market under the promise of cheaper mortgages. But, could the resultant rise in house prices just make costs spiral?

According to research from the Home Builders Federation (HBF), 4,000 people have reserved a home under the scheme since its introduction in the Budget during April. This means that 500 people a week have been using Help to Buy.

Meanwhile, Halifax released data saying that house prices have been rising at the fastest rate since 2010.

This news will fuel fears that Help to Buy will only serve to create a housing bubble, making it harder for people looking to enter the property market to afford a house.

Consumers are able to apply for the scheme to buy houses worth up to £600,000, which is far more than the majority of first time home buyers would be able to afford.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801595662-ADNFCR

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