Halifax releases further Help to Buy mortgage products.

The Help to Buy mortgage initiative was launched by the Government in April, and so far over 1500 buyers have been given help to purchase a home.

Initially the scheme offered borrowers a 15% equity loan to add to a 5% deposit to enable them to purchase just new build property. This month saw the scheme extended to include mortgages for older properties.

The Halifax are one of a handful of lenders who have started offering Help to Buy mortgages along with other lenders such as the Mansfield BS, RBS and NatWest.

Last week saw the launch of the Halifax's first mortgage offering, which was a 2 year fixed rate deal at 5.19% for 95% LTV with a £999 fee. This week has seen the launch of a second product which is a 2 year fixed for 95% LTV at 5.59% fee free. Further products will be added to its range in due course.

Whether a Help to Buy mortgage is the right product to help you purchase a home depends on your personal circumstances. There are other deals on offer market-wide set at competitive rate levels. Before making any decision or accepting any mortgage offer you really need to review all your options.

There are various schemes available to help you purchase a home, and a search of all lenders rates could uncover far better deals than those offered by Help to Buy. While the scheme does sound great for lower deposit buyers, the guarantee given to those lenders signed up to the scheme does not seem to be improving their rates. Other 95% LTV mortgages may prove as competitive as Help to Buy.

For a full product review and advice as to which deal would best suit your needs call an adviser at Deal Direct on 0800 048 8828.

We offer impartial and independent advice and a 'whole of market' mortgage search.

Call an adviser today on 0800 048 8828.