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Lincoln benefits from Help to Buy scheme extension

Lincoln is set to benefit from the extension of the Help to Buy scheme, a move which city MP Karl McCartney has praised.

In the Budget 2014, it was announced the Help to Buy equity loans scheme would be extended to 2020, giving those trying to get onto the property ladder more help and time to buy a home.

The scheme is designed for new-build homes and the buyer only needs to find 5% of the deposit to purchase.

The government offers a 20% equity loan as part of the deal, giving the buyer a 75% mortgage.

In Lincoln it was found that a total of 27 households in the city and North Kesteven have used the scheme.

City MP Karl McCartney praised the Chancellor’s move, stating it would be of huge benefit to aspiring homeowners in and around the city.

Karl McCartney said: “The Budget had lots for Lincoln’s hardworking people to be pleased about and the Help to Buy equity loan extension is a very big boost for aspiring local homeowners.

“We have already seen 20 new homeowners in the City of Lincoln and seven in North Kesteven using the scheme and I am sure many more will be helped by the Help to Buy equity loan in the coming years.”

Linden Homes, a housing developer with a number of new build properties in the Lincoln area, also saw the extension as a positive measure.

Linden Homes Midlands Sales Director Chris Roads said: “The extension of the Help to Buy scheme is a positive move for people who are looking to step onto or move up the housing ladder to a brand new home.

“Help to Buy has been hugely popular and successful across our regional developments since its introduction a year ago, with numerous customers benefiting from the financial help it offers.”