MORE than 3,000 first-time buyers across Cheshire have made use of the government's Help to Buy scheme.

Launched in April 2013 years ago, the government initiative enables first-time buyers and existing owners to put down just a five per cent deposit for a new home.

They can then take advantage of a government equity loan providing access to more affordable mortgage rates.

In Cheshire West and Chester, 1,582 first-time buyers have used the scheme over the past four years, and 2,042 buyers in total.

In Cheshire East, there were 1,559 first-time buyers and 2,103 in total.

Michaela Lancaster, Sales Director at Barratt Manchester, said: “Cheshire has produced some strong results for the Help to Buy scheme and it is great to see districts, such as Cheshire West and Chester and Cheshire East, where we build homes, achieving such high figures for the scheme in the county.

“Help to Buy has proved so helpful to so many homebuyers and we would encourage anyone looking to buy a home with lower upfront costs to get in touch.”

Help to Buy is valid on new homes under the value of £600,000, with the government lending the buyer 20 per cent of the value of the property in the form of an interest free equity loan for five years.

A National Audit Office report on Help to Buy found that almost two-thirds of homebuyers who used the scheme could have bought a home without it – although not necessarily the home they wanted.

The scheme did help boost housebuilder profits, the NAO added, but it was too early to determine value for money for the taxpayer.