Rich ‘exploit housing fund’ meant to help first-time buyers enter the market


Written by : Patrick Lion

The rich are using a housing fund aimed at helping struggling first home buyers enter the market , it was claimed last night.

More than 5,000 people on six-figure incomes have reportedly used the government’s Help to Buy scheme.

Four in ten recipients of the taxpayer help were on salaries of more than £50,000 a year .

One in ten was earning more than £80,000, it was reported.

While the scheme was used by 135,000 people in the past four years, Theresa May this week pledged another £10 billion to help that same amount again get into the market.

The fund allows buyers to purchase new-build properties worth up to £600,000 using deposits of only 5 per cent.

The government offers loans interest-free of up to another 20 per cent for five years – a figure that rises to 40 per cent in London.

Almost 60 per cent of people using the fund were able to afford a home without it according to a government survey, the Daily Mail reports.

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