Two of the UK’s major mortgage lenders have reported that thousands have applied for mortgages under the extended help to buy scheme during its first month, according to the BBC.
Between them the Royal Bank of Scotland (RBS) and Halifax have reportedly received almost 2,400 applications, which, should they be successful, will amount to around £365 million in mortgage lending.
Under the initiative the Treasury will guarantee as much as 15% of the loan. Initially the help to buy scheme applied only to first time buyers of new-build properties, but was recentlyextended to apply to all buyers of all types of property, subject to a maximum value of £600,000.
Interestingly, although the extended scheme opens it up to current home owners Halifax said that over 80% of its applications under the scheme continued to be from first time buyers, while RBS said that 73% of their applications were from first time buyers.
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