Below I outline how the Help to Buy Scheme works to support first time buyers and boost manufacturing.
The way the Help to Buy scheme works is that you can borrow money from the Government towards your deposit.
The Government will loan you 20% of the value of the property you want to buy, but it has to be a new build house. Typically, if you need to borrow 75% for the mortgage of the property, you’d only need to raise up to 5% yourself, with 20% coming from the Government.
This is available for properties worth up to £600,000, so that would cover most properties, most family homes that might be available on the market in Folkestone and Hythe. And crucially, it’s not only open to first time buyers, it’s open to anyone who’s looking to move house, whether they’re first time buyers or second or third time buyers.