Help may now be at hand for house purchasers to secure a mortgage with only a 5% deposit as the second phase of the Help-to-Buy scheme has been launched three months earlier than originally planned. Many have struggled to raise large deposits in recent years so this 'insurance policy' assistance by the Government's is designed to encourage banks to offer more low-deposit mortgages for both new build and existing homes. RBS and Lloyds have already signed up with Virgin and others to follow soon. Fixed 2-year loans of approximately 5% are being offered up to a maximum purchase price of £600,000. The scheme will run for a three-year period only and applies to all purchasers (subject to strict credit criteria).
We at Drummond Miller will be delighted to help you find your dream home now - telephone 0131 229 3399 (07813147245 outwith office hours).