Barclays to offer Help to Buy mortgages

Wed, 16 Oct 2013

Barclays to offer Help to Buy mortgages
Barclays has become the latest bank to sign up to the government's Help to Buy scheme.

On twitter, the bank announced: "We are pleased to confirm that Barclays will participate in the Help to Buy mortgage guarantee scheme."

The move means that around two-thirds of lenders have now signed up to the initiative - with Barclays accounting for around 13 per cent of the mortgage lending market.

However, it has not yet revealed details on when Help to Buy products will be available, or what they will actually entail.

Some banks have already started taking applications under the £12 billion pound scheme.

Halifax and Royal Bank of Scotland will offer borrowers with a five per cent deposit a fixed-rate deal of 5.19 per cent interest for two years, with the product fee costing £995.

As more banks begin offering their own 5 per cent deposit-based mortgages, it is expected that the market will become more competitive.

For example, while Clydesdale and Yorkshire Banks have not yet revealed if they will offer Help to Buy deals, the pair are already giving prospective buyers £250 cashback once their fee-free deal has been completed.
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