Almost two fifths of 20 to 40-year-olds (more than six million people) are planning to apply to the Government’s Help to Buy mortgage scheme in 2014, according to a new report.
Home and Garden on Female First
However, some of these Help to Buy Hopefuls could well be ill-prepared, with just two fifths (40%) registered on the electoral roll at their current address - something that can be a key factor not only in passing the initial identity verification checks but also in ensuring your credit report is accurate as possible.
Furthermore, the insight report also found that a quarter of would-be Help to Buy applicants have never reviewed their own credit report and 7% have not saved for a deposit.
Even among those who have a deposit, a quarter (26%) has less than the £5,000 required to join the scheme.
Experian CreditExpert who commissioned the Help to Buy Hopefuls Insight Report amongst more than 2,000 20 to 40-year-olds, found that Help to Buy Hopefuls account for seven in 10 potential mortgage applications among the under-40s.
A quarter will apply in the second half of 2014 with 7% looking to move in the next three months.1
So if you are thinking of applying for the scheme what do you need to do now to make sure you’re successful?
Tagged in Home & Garden