Banks taking their time to sign up to Help to Buy

Thu, 03 Oct 2013

Banks taking their time to sign up to Help to Buy
Despite prime minister David Cameron again making a case for the Help to Buy scheme at the Conservative Party conference in Manchester, only two banks have so far committed to supporting it.

Both of them - Lloyds Banking Group and Royal Bank of Scotland - are themselves two banks which had to be propped up with government money during the financial crisis.

The second phase of Help to Buy will aid people buying a home for the first time as well as homeowners who already have a foothold in the housing market - with both groups eligible if the property is worth £600,000 or less.

A five per cent deposit is needed, while the lender will buy a government guarantee which will be used to cover anything up to 15 per cent of the value of the property.

However head of mortgages at the Building Societies' Association Paul Broadhead told the Telegraph that about a third of building societies already offer mortgages which are underpinned by private insurance companies - so they are unlikely to join the Help to Buy scheme as it will be "too much effort to switch".
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Note: For a free no obligation chat with an independant mortgage specialist about your requirements please complete ourmortgage enquiry form below.

Mortgage, Remortgage or Buy-to-Let Mortgage Enquiry Form

Stop Press: Find the perfect mortgage!
Lending criteria has been relaxed and our specialists can find you great mortgage offers to compare.
Our team do all the work to find you the best offer
We'll help you find the best mortgage for your needs and ensure that everything runs as smoothly as possible.
Deposits required are again falling
The cost of the best deals has dropped recently for those borrowing either 80%, 85% or 90% of their property's value
Independent, searching the whole market
With 1000's of mortgage products available our mortgage brokers will source the mortgage that suits your situation.
Please complete this quick, free enquiry form.


Your Details

Home Buyer Guides

Home Buyer News

Speak with an independant mortgage specialist

About Company is part of the SFN Network of websites. Sitefinders Net Ltd is a U.K based company setup in 1995. Our core business is the development of online businesses using the generic domain name concept. We have a growing portfolio of websites in many different industries such as electronics, finance, retail, seasonal and health.

Privacy Policy

Get in Touch