Only 32 per cent of people can afford a mortgage without help

Help to Buy is proving to be extremely important to those planning to take out a mortgage next year, as only 32 per cent can afford a mortgage without needing to ask for any financial help from others.
According to propertywire.com, research from the Mortgage Advice Bureau (MAB) has also revealed that 28 per cent of active mortgage seekers can only afford to buy or move house through Help to Buy. Moreover, 26 per cent are relying on their families to help them out with moving costs.
Brian Murphy, head of lending at the MAB, said that 95 per cent mortgages similar to the ones offered by the Help to Buy scheme are vital to the housing market.
"People are fast realising the wind is blowing in their favour when it comes to joining or moving up the property ladder," he explained. "Help to Buy has supported efforts to make mortgages more accessible to first time buyers and existing home owners, with more lenders and products set to drive up competition in the new year."
Of those surveyed, 40 per cent said they were planning to take out a mortgage between now and when the scheme is set to end at the end of 2016, reports mortgagesolutions.co.uk.