Mark Lancaster MP

24 JUN 2015

MK on the First Rung of the Housing Ladder

New figures showing that Help to Buy, the scheme to help people access an affordable mortgage with a small deposit, has helped 423 families to buy their own home in Milton Keynes.

Across the country, Help to Buy has now enabled over 100,000 families to purchase their own home; this means an average of 131 new homeowners have been created every day since the scheme was launched. Over 80 per cent of those helped are first-time buyers and 94 per cent of sales have been outside of London.

Help to Buy is being extended and this is in addition to other measures to help first-time buyers including building 200,000 new Starter Homes reserved exclusively for first-time buyers under 40 and the new Help to Buy ISA that will help people to save a deposit for their first home.

I believe that everyone who works hard should be able to have a home of their own. But when we came to office, too many people couldn't afford the huge deposit they needed to get on the housing ladder.

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 per cent deposit. 

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