First-time buyers unaware of support

First-time buyers unaware of support



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Many first-time buyers are still unaware of government assistance, figures show.

Research published by specialist lender Precise Mortgages and YouGov revealed 41% of the UK had low awareness of the Help to Buy Isa, which was launched in December 2015.

Alan Cleary, Managing Director of Precise Mortgages said: “Better communication of the support available is needed – if the message isn’t getting to people it needs to, it follows that some of these people will be missing out on help that could prove vital in helping to get them on the property ladder.

“More must be done by the government and industry alike to increase the knowledge of these schemes across the board, not just amongst first-time buyers, but also those who they turn to for guidance when thinking about saving to purchase their first property.”

The Help to Buy Isa boosts savings larger than £1,600 by 25% for first-time buyers, with a maximum bonus of up to £3,000. 

However, the figures showed that 27% admitted knowing little about the Isa, whilst 14% had never heard of it.

In March, Chancellor George Osborne also announced the introduction of a Lifetime Isa in April 2017, which would grant first-time buyers under the age of 40 a 25% bonus on savings of up to £4,000 per year.

Precise Mortgages further revealed that 51% of renters saw saving a deposit as the biggest barrier to owning a home, and 37% said they were not considering buying for this reason. 

 

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