Help to Buy mortgages not the cheapest on the market

Thu, 31 Oct 2013

Help to Buy mortgages not the cheapest on the market
Help to Buy mortgage rates are apparently being undercut by smaller building societies which are offering even cheaper deals.

According to thisismoney.co.uk, smaller companies are offering low-cost loans which cost much less than the larger banks involved in the government initiative.

For example, Hanley Building Society's two-year fixed rate for buyers with a five per cent deposit has been recently cut to 4.89 per cent.

The deal also includes a free valuation on properties worth up to a quarter of a million pounds and £250 cashback, while the product fee is £350.

To put this into perspective, thisismoney.co.uk reports that a £150,000 mortgage would cost £867 per month and the total cost would be £20,915.

In comparison, a Help to Buy deal with NatWest would see monthly costs equate to £876, meaning that the total cost would be £109 more expensive than Hanley Building Society.

The whole idea behind Help to Buy - other than helping those with a smaller deposit to get onto the property ladder - was to allow purchasers access to preferential mortgage rates.
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