The Times - Could Help to Buy rate cuts help you?
The Bank of England has given the Help to Buy mortgage scheme its stamp of approval, with Mark Carney, the governor, declaring that it does not “pose material risks to financial stability”.
Aaron Strutt, of Trinity Financial, a mortgage broker, says that you still need a 15 per cent deposit for a really decent rate but that it is likely that low deposit loans will become cheaper as lenders try to hit targets.
How many loans have been used?
Government data shows that about 8,500 loan guarantees have been completed, supporting mortgages worth £2.7 billion in the first nine months of the scheme, which helps people buy homes priced up to £600,000, with deposits of between five and 15 per cent. Nearly 80 per cent of mortgage guarantees were to first-time buyers.
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