Prime Minister David Cameron visited a new housing development at Kempston to promote the Government’s Help To Buy Scheme.
Mr Cameron spent time at the David Wilson Woodlands development, off Cemetery Road, earlier today meeting with staff from the development, seeing the new homes and speaking to people who have benefitted from the scheme.
The Help To Buy Equity Loan scheme came into effect last April and gives people who can afford mortgage repayment, but not the hefty deposits get onto the property ladder.
The Times & Citizen managed to grab him for a chat before he left.
He said: “This scheme is working, we wanted to do something to help young people who could afford the mortgage, but were struggling to find the deposit needed to buy a house.
“It has helped 2,000 people in the Eastern region and that has been a huge success and people in Bedford is among that.”
Mr Cameron said that due to high lending from banks, buying a house was becoming out of reach for young people.
He added: “If you look across the country house prices are lower than in 2007, what we are seeing is very low mortgage rates.
“The problem has been the banks and the high rates of lending, making it unaffordable for people and that is something that has been the fault of the banks not the Government.
“But through the Help To Buy scheme we are trying to help make buying a house more affordable for people.”
He also added that the Government are giving local councils enough funding to support these new builds, including £5billion towards creating more school places.
And he says that by introducing a scheme where workers do not have to pay income tax in their first £10,000 of earnings, workers will find buying a house more easily accessible.
The Help To Buy Scheme allows house owners to put down a five per cent deposit on a house, while the Government offers a loan of up to 20 per cent. The rest is covered by a mortgage.
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