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TSLE16: Precise to launch into Help to Buy London

  • 28/01/2016
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TSLE16: Precise to launch into Help to Buy London
Precise Mortgages has confirmed it will launch a range of products for the Help to Buy London scheme, and plans to become involved in all of the government’s home ownership initiatives in the near future.

Jamie Pritchard, head of sales at Precise Mortgages, told brokers at The Specialist Lending Event hosted by Mortgage Solutions that it would be part of the scheme aimed at homebuyers purchasing a new-build property in London.

Chancellor George Osborne announced during his Autumn Statement last year that an extension of the Help to Buy: Equity Loan scheme would focus on the needs of those buying in London.

Buyers will be able to obtain an interest-free equity loan from the government worth up to 40% of the value of a new-build home, compared to the 20% loan offered to those living outside of London.

The government loan will be available through lenders from 1 February.

Alan Cleary, managing director at Precise Mortgages, confirmed the scheme would be launched within the next couple of weeks, adding that it would be entering the Right to Buy and shared ownership schemes later in the year.

He explained that rates and products for the London scheme would look the same as Precise’s existing Help to Buy range, launched earlier this year. The range offers a two-year fixed rate starting at 3.95% and four-year fix starting at 4.20%. All deals come with a product fee of £995 and loan limit of £450,000.

This week, Leeds Building Society became one of the first lenders to confirm its Help to Buy London product details, which includes two-year and five-year product options with a rate of 1.79% and 2.45%, respectively.

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