The Times - How to get on the property ladder - October 2013

by Aaron Strutt

Oct 18 2013

Aaron Strutt, of Trinity Financial, told The Times: “The Help to Buy scheme is not suitable for most borrowers and in some cases it might even be cheaper to rent a property than take such a high mortgage rate.If borrowers can raise a 10 per cent deposit they will be able to access much cheaper mortgages. For example, HSBC’s two-year fixed rate for those with a 10 per cent deposit is 1.4 percentage points lower (at 3.59 per cent) than the RBS and NatWest Help to Buy mortgages.”

“Nevertheless, with more lenders set to offer Help to Buy mortgages over the coming months, it may well be worth waiting to see what rates they offer. In many cases there is no need to rush in to a deal, especially as homebuyers won’t be able to draw down the mortgage until the start of next year.”

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October 17, 2013