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Aldermore launches London Help to Buy mortgage as scheme begins

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  • 01/02/2016
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Aldermore launches London Help to Buy mortgage as scheme begins
Aldermore has launched a two-year fixed rate London Help to Buy mortgage on the day the government scheme officially launches.

The Aldermore mortgage is offered at 3.98% up to 75% loan-to-value and the lender joins nine other mortgage lenders offering products from launch today. 

Barclays, Bank of Scotland, Halifax, Leeds BS, Lloyds, Nationwide, NatWest, Royal Bank of Scotland and Teachers BS will also be lending against the scheme from launch.

Teachers Building Society also confirmed its variable tracker rate at 1.99% with a £899 arrangement fee and £99 application fee. Precise also confirmed its intention to launch into all the government schemes, including Help to Buy London, shortly at the Specialist Lending Event last week.

The Help to Buy London scheme was announced in Osborne’s Autumn Statement in November last year in a bid address the affordability issues of buyers in the capital.

The London Help to Buy scheme is identical to the existing Help to Buy: equity loan scheme, apart from the size of the government contribution, which can be up to 40% in the London scheme against up to 20% for the ‘rest of England’ scheme.

The scheme allows first and next-time buyers to purchase new-build properties in the capital up to a maximum value of £600,000 with a maximum mortgage of £450,000.

Charles Haresnape, Aldermore’s group managing director, mortgages, (pictured) said: “We believe the Help to Buy scheme has had an extremely positive impact on homeownership and recognise the particular difficulties for many people trying to buy in London. Our product and the wider scheme will help those looking to buy and make a home in the capital.”

 

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