Sheffield Housing Company welcomes Budget boost for first time buyers

Chancellor George Osborne announced the £5.4 billion Help to Buy scheme in his most recent Budget as part of a plan to help people with smaller deposits get a foot on the housing ladder.

Under the first part of the scheme, which launched on April 1st, people who have saved a 5% deposit to buy a new home will be able to take advantage of five-year interest free loans from the Government covering 20% of the value of a new-build property. The remaining 75% of the property's value must be funded through a mortgage.

The Help to Buy scheme builds on the Government's First Buy scheme which has enabled thousands of first time buyers to purchase a new home since it was launched in 2011.

Sheffield Housing Company now intends to make properties available to people under the Help to Buy scheme.  Some of the first of these are at our Cutler's View development in Norfolk Park and at Brearley Forge in Parson Cross.