Banks say over 2,000 applied for Help to Buy

Tim Wallace
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HALIFAX and RBS reported strong interest in the first phase of the government’s Help To Buy scheme this morning, saying they had received more than 2,000 applications in the first month of the programme.

Halifax recorded 1,309 applications under the scheme in its first month, while state-backed Royal Bank of Scotland also said today it has agreed in principle mortgages with 1,080 customers since the stimulus programme was launched.

Help to Buy allows buyers with a deposit of as little as five per cent to get a government guarantee for up to 20 per cent of their mortgage.

Halifax also said it had found more than 80 per cent of applications have come from outside the capital.

Its applications are for properties worth an average of £160,157. The lender saw its first completion under the scheme on 30 October – three weeks after guarantees were launched.

The official Downing Street Twitter account tweeted last night that Help to Buy “is putting a new generation of home-owners on housing ladder – more than 2,000 offers on homes in 1 month”.