Property experts are saying the Help to Buy scheme coming to an end is not the “end of the road” for first-time buyers.

The UK government recently announced that its Help to Buy scheme would end on March 31, 2023.

But property experts are reassuring first-time buyers that the end of the scheme doesn’t mean they won’t be able to get on the property ladder.

Experts at IMS Property Group and Graven Hill, Bicester, have said those worrying about the scheme coming to an end should instead look to secure a 95 per cent mortgage.

Chief Executive Office of IMS Property Group Michelle Niziol said: “Opting for a 95 per cent mortgage can save buyers a lot of extra cash down the line.

“With Help to Buy, the 20 per cent equity loan must be repaid five years after purchase, with interest, meaning they may end up paying more than originally agreed.

“Where possible, we always encourage first-time buyers to go for the full 95 per cent mortgage without using Help to Buy, as it is impossible to predict what kind of interest rates they could be paying back on their equity loan in five years.

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“Depending on the property price, a five per cent deposit is a much more attainable option for young buyers, and will mean that the property belongs entirely to them from day one.”

For first-time buyers looking to purchase in the Oxfordshire area, one option that continues to be popular is apartments at Graven Hill.

Located in Bicester, the self and custom build development has launched five new one-and two-bedroom apartments, all available to purchase with a five per cent deposit.

The Graven Hill community of self-build, new build and custom build homes is set to further expand, with six additional dwellings expected to launch next month.

For a more spacious family home, the collection of customisable new build homes, ranging from two to five bedrooms, are also available to purchase using a 95 per cent mortgage.

Mrs Niziol added: “Graven Hill homes are the ideal option for first-time buyers.

“We have worked with the developer for several years and have seen many young people find their first home in this growing community.

“Getting on the property ladder is such an important step, and with the option of 95 per cent mortgages along with the recent scrapping of the mortgage affordability test, this is a great opportunity for prospective homeowners.”

Customer experience director at Graven Hill said: “Our apartments provide prospective first-time buyers a more affordable route to homeownership in a unique and diverse community.”


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This story was written by Matthew Norman, he joined the team in 2022 as a Facebook community reporter.

Matthew covers Bicester and focuses on finding stories from diverse communities.

Get in touch with him by emailing:

Follow him on Twitter: @OxMailMattN1

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