CENTRAL Devon MP Mel Stride has praised the Government’s Help to Buy scheme after figures were released showing 15,000 families in the South West have bought a home with help from the initiative.

The scheme helps people access an affordable mortgage with only a 5% deposit.

Mel Stride MP 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 20-25% deposits, the equivalent of £28,000-£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 is 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% 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.’