Help to Buy scheme reaches £1bn in first three months

The government's Help to Buy scheme has triggered over £1bn of new home loans in the first three months since its inception, the Prime Minister has said.

David Cameron said more than 6,000 people have now applied for a mortgage through the flagship scheme, compared to just 2,000 in November. The initiative, launched in October, allows people to apply for a government-backed mortgage with as little as a 5% deposit. So far, 750 property purchases have been completed since the scheme was rolled out, and once those mortgages are approved, Cameron anticipates their value at around £1bn. The Prime Minister has called the scheme a success and said he hopes it will allow "thousands more to realise their dream of home ownership". However,...