A helping hand for the property market?
In its 2013 budget, the government announced various financial support plans intended to invigorate the residential property market. One of these was the Help to Buy initiative, which includes a mortgage guarantee scheme whereby lenders can offer mortgages that are guaranteed by the government.
The scheme was officially launched, some three months ahead of schedule, on 8 October 2013. High-street banks including Natwest, RBS, Halifax and Bank of Scotland have released their rates and already started offering mortgages on properties valued at up to £600,000 with only a five per cent deposit and a 95 per cent mortgage, and with up to 15 per cent of the value of the property being guaranteed by the government (in return for a fee from the lender)…
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