A controversial scheme allowing people across the UK to take out 95% mortgages
will be launched next week – three months earlier than planned.
Under the second phase of Help to Buy, which had been due to launch in January 2014,
the government will underwrite 15% of the value of a mortgage, allowing people
to buy properties with a 5% deposit. It will apply to all home purchases in the UK of up to £600,000
Applications for loans from the scheme will now be brought forward to the week
beginning 7 October 2013 but the loans will not be paid out until 1 January 2014.
Mortgage-lenders, including the Halifax, RBS and NatWest, have already signed up to it.
Some of the UK’s biggest lenders – HSBC, Santander, Nationwide and Barclays – have yet to decide whether to take part, the banks told the BBC.
Read the full article on the BBC’s Website: http://www.bbc.co.uk/news/uk-politics-24319583
