Help to Buy will be a 'game changer' - says Lloyds boss Horta-Osorio
The chief executive of Lloyds Banking Group has said that he supports the Government's action to get the housing market moving again. He also says that the next phase of the Help to Buy scheme will be a 'game changer for the British economy'.
Earlier this week Mr Horta-Osorio told Sky News: "I think the limit of £600,000 (for the Help to Buy scheme) is appropriate in the present situation where house prices are still below where they were in 2006. While the banks are in this gradual transition to the proper capital levels and have problems in lending above 75% loan-to-value. "A temporary scheme is the right thing to do as long as it is designed as this one is to support first-time buyers. That will lead house builders to increase the construction of new houses and that is one of the biggest drivers of employment in this country. "I think the confidence of the scheme and the scheme itself are a game changer in terms of broadening our economic recovery and increasing its pace."
The next phase of the Help to Buy scheme will start in January 2014 and it will run for three years. It will not be limited to new build properties and borrowers will be able to apply providing they have at least a 5% deposit. If you would like to know more about the Help to Buy scheme, call us on 020 70160 790.
September 6, 2013
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
