Juan Peña is “feeling a bit hopeless” after months of dealing with Homes England, the government body that ran the help-to-buy loan scheme. The doctor used one of the loans to purchase a flat with his friend, whom he is now trying to buy out. Although he started the process in April, when there was four months on his mortgage deal left, a series of delays have resulted in time running out and him being switched to a much higher rate.
“It has gone up to 8.49% and payments are now taking up all of my salary,” he says. “I’m drawing on savings that I have worked to build up.”
