Help To Buy Mortgages Currently On Offer
The Help To Buy Scheme that has had phase 2 brought forward by three months has not been rolled out. The building societies and banks that are taking part have announced their interest rates for the loans and have disappointed some market analysts because they are no cheaper than what is already on offer.
The industry expects these rates to come down as more financial institutions enter the market. Currently the Halifax that is still owned by the taxpayer is offering a fixed rate for two years at 5.19% with a £995 fee. RBS & Natwest currently offer two deals which are fixed for two years and five years. The two year fixed rate is 4.99% and the 5 year fixed rate is 5.49%. The mortgages offer up to 95% of the purchase price.