A government initiative is helping thousands of families in Birmingham to get on to the housing ladder. New figures released by the Homes and Communities Agency (HCA) reveal that a total of 2,286 homebuyers in the county used the Help to Buy scheme since it launched seven years ago.

B&DWM - B5 Central - Living area in the show apartment in Birmingham

Of the total amount of homebuyers that benefited from the scheme, 2,014 were first time buyers.

Local homebuilder Barratt Homes is building at B5 Central in Birmingham and is encouraging homebuyers throughout the county to take part in the popular scheme which has already helped tens of thousands of people across the country to buy a brand new home.

The scheme enables buyers to put down just five per cent as a deposit for their new home and to take advantage of a government equity loan providing access to more affordable mortgage rates.

Steve Barton, Senior Sales Manager at Barratt Homes Mercia, said:

“Birmingham has produced some strong results for the Help to Buy scheme and it is great to see districts achieving such high figures for the scheme in the county.

“Help to Buy has proved so helpful to so many homebuyers and we would encourage anyone looking to buy a home with lower upfront costs to get in touch.”

Help to Buy allows any homebuyer to secure a brand new home under the value of £600,000 with just a five per cent deposit. The government lends the buyer 20 per cent of the value of the property in the form of an interest free equity loan for five years, meaning that buyers then gain access to some of the great mortgage rates currently available with just a 75 per cent mortgage.

Currently available to all homebuyers, not just first timers, the scheme helps anyone looking for a boost up the property ladder, however, Help to Buy will be changing in 2021 with more restrictions in place.

On the Barratt Homes website there is more information on Help to Buy - https://www.barratthomes.co.uk/offers/help-to-buy/ - together with a handy calculator which shows how much people can borrow using the scheme.

For further information, call the Barratt Homes sales team on 033 3355 8479 or visit www.barratthomes.co.uk.