Connells offers ‘Help to Buy’ help for homeowners
09 April 2018
Five year anniversary of the equity loan
The Help to Buy equity loan is about to reach its five year anniversary and those who bought a house through the scheme will soon be coming to the end of their interest free period. For anyone looking for guidance on what this means for them or wondering what their options may be, Connells in [add town] is inviting homeowners to come in and speak to one of its Mortgage Services Consultants.
The Help to Buy equity loan launched in April 2013 and provided buyers of new build homes with a loan of up to 20 per cent towards their deposit. While the loans were interest free for the first five years, after this time borrowers begin paying interest starting at 1.75 per cent. This interest rate also continues to increase every year by the rate of inflation, plus another 1 per cent.
“As these loans mature and homeowners start repaying the interest owed, they should review their options and find the right solution for their needs, especially as many of the first buyers are also now reaching the end of five-year fixed rate mortgages,” says David Miles, Group Mortgage Services Managing Director.
“Homeowners may be deliberating about remortgaging to buy out part or all of the government’s loan, or looking to lock into a new deal ahead of any further rate rises. They may even be looking to move home,” continues David. “Whatever their needs, we invite anyone looking for more information to come in and discuss their options with us. An appointment with one of our mortgage consultants will, in next to no time, allow customers to gauge what might be available to them.”
Connells offers mortgage and remortgage advice from its network of branches and has access to many different mortgage products from a panel of lenders. To speak to a mortgage advisor, please contact your local branch.