The government’s 95% Help to Buy mortgages are flying already

Help to Buy is off to a pacey start, with almost 2,400 applications made for the government-backed mortgages received at just two banks.

Customers can put down as little as a 5% deposit through Help To Buy, whose second phase David Cameron brought forward from January to begin in early October. Find out how Help to buy works.

RBS and Halifax said they had received 2,384 applications between them, worth around £365m in mortgages.

Although, of course, that £365m won’t be anything like the full amount approved. RBS has so far approved only 169 of its 1,075 applications.

RBS said most applications had come from young couples whose joint salary was under £50,000.

Buyers can purchase homes valued at up to £600,000 through the scheme. Read all the latest views and news about Help to Buy.

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