First time buyers. What you need to know about Help to Buy mortgages.

The Help to Buy mortgage scheme was first launched by the Government in April this year, with a pledge to make £3.5 billion additional investment available to help more people climb onto the property ladder.

The first stage of the scheme was aimed at just first time buyers and was available on new build property only.

With just 5% as a deposit first time buyers were offered a 20% equity loan to purchase a new build home. The equity loan is interest free for the first 5 years for property up to the value of £600,000.

The second stage of the scheme was rolled out in October making Help to Buy mortgages available on all types of property.

The view is Help to Buy mortgages could make property ownership affordable for almost 75,000 more buyers. Perhaps you maybe one of those buyers, so speak to an impartial mortgage expert to see if Help to Buy is right for you.

Help to Buy mortgage offers include:

RBS and NatWest

• 2 year fix at 4.99%, fee free.
• 5 year fix at 5.49%, fee free.

Virgin Money

• 2 year fix at 4.99%, fee free.

Halifax

• 2 year fix at 5.19%, fees of £995.

If you are a first time buyer considering a Help to Buy mortgage, you are recommended to seek advice before accepting any offer. Since the launch of the scheme several lenders have come forward and released mortgage rates for up to 95% LTV to rival those deals offered by Help to Buy mortgage lenders.

For example Clydesdale and Yorkshire has a 3 year fixed rate mortgage at 4.99% for 95% LTV fee free.

If you would like to review all low deposit mortgages on offer market-wide you are advised to call independent 'whole of market' broker Deal Direct.

We can review your circumstances and make a 'whole of market' search to find you the very best possible mortgage for your needs, whether it is a Help to Buy mortgage or standard mortgage product.

Speak to an adviser today on 0800 048 8828.

Let Deal Direct help you climb on the property ladder.