Govt fast-tracks Help to Buy launch by three months

The second part of the Help to Buy scheme will be available from next week after the government brought forward the launch date by three months.

Its scheme, which allows prospective homeowners in England to take out 95% mortgages, was due to start in January 2014 but people will be able to start applying for the new mortgage guarantee from next week. The mortgages - backed by the government - will help people buy new or existing homes worth up to £600,000 with just a 5% deposit. The government then guarantees the next 15% of the loan for a fee. It is aimed at people who cannot get on the property ladder - or move to a new home - because they cannot afford the large deposit required, often up to 20% and will be available for th...