Santander has today launched a range of mortgages backed by the Government's Help to Buy scheme, increasing the options for borrowers who want a 95% home loan.
Help to Buy mortgages on offer from Santander are offered at 95% loan to value (LTV) and include 2 year and 5 year fixed rate mortgages as well as a 2 year variable rate tracker mortgage. These mortgages are offered to home buyer with deposits of just 5%. Interest rates on the deals start at 4.99%, and free valuations and £250 cashback are also on offer.
Help for first time buyers
The Government’s Help to Buy scheme, which was announced in 2013, is intended to help people with smaller deposits get onto the housing ladder. Since the launch of the scheme in October 2013, Halifax, RBS and HSBC have launched deals, with the Post Office set to follow in the future, via its intermediary the Bank of Ireland.
Miguel Sard, head of Santander Mortgages, commented on the launch, saying: "The first phase of the government's Help to Buy scheme has already helped improve the flow of credit to good quality customers, and played an important role in helping both first-time buyers and home movers looking to buy new-build properties.
Your home may be repossessed if you do not keep up repayments on your mortgage.