Of these, 78% were purchases by first time buyers, and the total value of mortgages supported by the scheme now stands at £6.9 billion.
Compared to total mortgage completions in each region, the scheme is supporting a higher proportion of mortgages in the North West and the East, and a lower proportion in London and the South East.
The mean value of a property purchased or remortgaged through the scheme was £155,603, compared to a national average house price of £273,000.
Charles Haresnape, Managing Director, Mortgages and Commercial Lending, Aldermore said:
“Today’s statistics from the Treasury show that 78% of those who used the Help to Buy mortgage guarantee were first time buyers and clearly demonstrate that the scheme is helping those consumers who most need help to get on the housing ladder. The scheme has proved successful in fulfilling its original aims of helping first time buyers, those on low incomes and those outside of London and the South East, as it has supported a higher proportion of people in the Northwest and the East, with over half of all mortgage completions through the scheme on properties worth £150,000 or less.
Charles Haresnape continued:
“The data also showed that mortgage completions through the scheme across Scotland and Wales were proportionally higher that the UK as a whole, showing the balancing effect the programme has had in helping those who need it most. There has been much rhetoric on the scheme and the dangers of causing a housing bubble, but Help to Buy remains a small proportion of total sales in the housing market with only a negligible impact in London.”
In April, Aldermore joined the Help to Buy: equity loan scheme. The Bank is already part of the Help to Buy: mortgage guarantee scheme and has helped many first time buyers and home movers onto the housing ladder.
Managing Director of Mortgages Santander UK, Miguel Sard, added:
“Many young people had given up hope of buying their own home, left feeling that saving a large enough deposit and accessing an affordable mortgage was impossible. The HTB schemes have been game-changing in challenging that belief and we are now seeing more and more young people make the step onto the housing ladder.
“With nearly 60% of our HTB2 loans being taken by those aged under 30, and seeing these loans performing well, increases confidence in lending at 95% LTV for the right customers.”
To date, Santander has helped over 16,500 customers buy their home through the Help to Buy Two scheme, with nearly 60% of Santander HTB2 borrowers under thirty.
First Time Buyers continue to make up 80% of Santander’s HTB2 completions.
