A TOTAL of 15,000 families in the South West have bought a new home thanks to the Government’s Help to Buy scheme, which helps people access an affordable mortgage with only a five per cent deposit.

The figures, released this week were welcomed by Central Devon MP Mel Stride, a staunch supporter of the scheme. He said: “It’s never been easy for families to buy their own home – every generation has had to work hard and be financially responsible while they save up.

“However, in recent years lenders have been asking for 20 to 25 per cent deposits, the equivalent of £28,000 to£35,000 for a £140,000 home, which is totally out of the reach of the majority of families.

“The Government’s Help to Buy Scheme has been a game-changer by enabling a family to buy a home worth £200,000 with a £10,000 deposit by providing a £40,000 low interest equity loan to make up their 25 per cent deposit.

“I strongly urge residents in my constituency who can afford mortgage repayments but are struggling with their deposit to apply now and take advantage of the scheme.”

The housing figures also show planning permissions at an eight-year high, and house starts and completions at a seven-year high, with Mr Stride arguing that the scheme is also playing an important role in stimulating the housing market more generally.

For more information about the Government Help to Buy Scheme please visit: www.helptobuy.gov.uk .