In episode 24 of the Growth Series podcast, Nicola Alvarez, Corporate Account Manager at Accord Mortgages is joined by Andy Nelson, Head of Relationship Management Help to Buy, Homes England. Together they discuss how Help to Buy has affected the housing market, how brokers can play a role in helping borrowers and how the market needs to meet future challenges once the scheme comes to an end in 2023.
The Help to Buy scheme was launched by the Government in April 2013 and has enjoyed a steady uptake. The scheme has helped first time buyers to get on the housing ladder without the worry of saving up huge amounts of money for a deposit.
The success of Help to Buy lies in shining a light on the affordable housing market and in how the Government managed to respond to the post-crash crisis by turning tens of thousands of people into homeowners.
Of course, it’s been a rocky road with accusations of bias towards the wealthy and high interest rate costs over the long term. But the Government has responded by limiting the scheme’s availability to first time buyers, a change which will come into effect in 2021, two years ahead of the programme’s end.
Nicola and Andy discuss how mortgage lenders can work with all involved to support the transition away from Help to Buy.
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00.00 - 1.09 Introduction and Welcome
1.10 - 19.50 Nicola Alvarez and Andy Nelson discuss the evolution of the Government’s Help to Buy scheme, the opportunities for brokers, and the challenge ahead as lenders look to work with all parties to transition away from the scheme in 2023. They discuss:
- The successes of the Help to Buy scheme
- Consumer understanding of the scheme
- The role brokers play in communicating and advising on Help to Buy
- The impact of Help to Buy on the housing market
19.51 - 20.42 Outro