Home help for buyers

ALMOST 200 Oldhamers have become homeowners as a result of Help to Buy schemes created or endorsed by the Government.

Around eight out of 10 sales under Help to Buy schemes across the UK have gone to first-time buyers and in the North-West more than 7,300 people have benefited.

Three major schemes help buyers:

::Equity loans offer first-time buyers or existing homeowners up to 20 per cent of the cost of a new-build home. In Oldham, 112 people have taken up the offer, which requires a five per cent deposit from the buyers and a 75 per cent mortgage from lenders.

::The NewBuy initiative sees homebuilders form partnerships with mortgage lenders, who offer 80-95 per cent loans, but only for newly-built homes constructed by builders signed up to the scheme.

::Mortgage guarantee offers government cover for a proportion of the mortgage, allowing lenders to offer higher loan-to-value mortgages. This scheme can be used for both new build and existing properties. Over 60 people in Oldham have used this method