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Loan claim: Help to Buy not to be used for second homes

Concerns about whether the Help to Buy scheme will be dominated by property investors have been put to rest.

During Prime Minister's Questions (PMQs), David Cameron explained that the scheme will not be available to people looking to buy second homes or to foreign buyers.

The scheme was announced in this year's Budget in a bid to increase activity within the property market and help home buyers to gain cheaper loans.

Yet, particularly as the scheme is available on homes worth up to £600,000, it was feared that it would merely be used by people looking to buy second houses. This would then drive up property prices, creating a bubble and making the market inaccessible to consumers who need to buy a home.

While they are waiting for Help to Buy to come into effect, first time buyers in particular are able to take advantage of the Funding for Lending Scheme to gain cheaper mortgages.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801598641-ADNFCR

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