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Ontime CIS Payroll welcomes new Help to Buy Scheme 2013

Ontime CIS Payroll welcomes a new scheme the government has introduced to help first time buyers climb onto the property ladder. It will allow buyers to put down only a 5% deposit on their home purchase and the government will provide a further 20% as a shared equity loan in order to secure funding from mortgage providers.

new build home

new build home

The Help to Buy scheme unlike its predecessor FirstBuy is not just for first time buyers but all buyers looking to purchase newly built homes. Some MP’s have raised concerns that this new scheme could be used to fund the purchase of second homes and fuel another unsustainable house price boom making it difficult for young people to purchase their first home.

Ontime CIS Payroll disagrees and sees huge benefits in the new Help to Buy scheme. Firstly by allowing all buyers to purchase newly built homes through this scheme you are immediately increasing demand for new homes ten fold, which would result in more work for the construction industry  creating jobs and in turn help boost the economy.

The Help to Buy scheme will also encourage many parents to purchase second homes for their children, students or otherwise, meaning demand for rental properties wouldn’t be as great and expensive as it currently is, thus further allowing people living in rental accommodation to be able to save a deposit for their first home.

Share price for Taylor Wimpey one of the UK’s leading construction companies jumped over 5p from 85p to 91.15p after the news which can only be a good thing for investors and the construction industry a like.

You can find further information about the new Help to Buy scheme here:
http://www.hm-treasury.gov.uk/10012.htm

The MPs against this new scheme, happen to be from the Labour party, why not give credit where its due?

If you have any comments or opinions please submit them below.

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