A government scheme to help young and first-time buyers move up the property ladder has so far helped 268 families in Dacorum.
Nationally, the project to help people gain an affordable mortgage with a small deposit has enabled almost 90,000 families to buy their own home, with more than 80% of sales going to first-time buyers.
In the borough, 107 took up the Mortgage Guarantee Scheme, 164 on the Equity Loan Scheme and 15 took advantage of the New Buy Scheme. Hemel Hempstead MP Mike Penning has welcomed the figures and the postive take-up in his consituency.
He said: “I believe that everyone who works hard should be able to have a home of their own. But when the Conservatives came to office in 2010, too many people couldn’t afford the huge deposit they needed to get on the housing ladder locally.
“We weren’t prepared to let that continue which is why, as part of our long-term economic plan, we launched Help to Buy so people could get an affordable mortgage with only a 5% deposit.
“Since this was launched a total of 286 families have been able to get on the housing ladder in Dacorum.
“Every additional family that is able to get on the housing ladder is one more family able to enjoy the security and peace of mind that comes from owning your own home.”
Under the Help to Buy mortgage guarantee scheme, the government offers mortgage lenders the option to purchase a guarantee on mortgages where a borrower has a deposit of between 5% and 20%.
Because of this support, participating lenders are able to offer more mortgage products to borrowers with small deposits.
Visit www.helptobuy.org.uk for more information.