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09/10/2013
McCausland Hails 'Help To Buy' Scheme
Housing Minister Nelson McCausland has said the early launch of a Help to Buy Mortgage Guarantee Scheme across the UK could help more people in Northern Ireland get onto the property ladder.
The government will guarantee up to 15% of a property's value, allowing potential buyers to purchase a home with a 5% deposit and the balance covered by a mortgage.
Several high street banks are offering the new Help to Buy mortgages to customers, ranging from 80% to 95% of the property's value.
Minister McCausland said: "This scheme should help to give many more local people an opportunity to enter the housing market and the net benefit of this across our local economy should be a welcome boost.
"I am delighted that many banks have already decided to get involved and I hope more will be looking to see what new mortgages products they could offer."
The Department for Social Developlment understands that RBS and NatWest are offering a two-year, fixed-rate mortgage starting at 4.99% for those offering a 5% deposit, with no fee.
Halifax will be taking applications at a rate of 5.19% with a £995 fee for those offering the same deposit.
Virgin Money, HSBC, Aldermore and Bank of Scotland will be offering mortgage products in the coming weeks, with deals from other lenders expected to be in place by January.
(IT/CD)
The government will guarantee up to 15% of a property's value, allowing potential buyers to purchase a home with a 5% deposit and the balance covered by a mortgage.
Several high street banks are offering the new Help to Buy mortgages to customers, ranging from 80% to 95% of the property's value.
Minister McCausland said: "This scheme should help to give many more local people an opportunity to enter the housing market and the net benefit of this across our local economy should be a welcome boost.
"I am delighted that many banks have already decided to get involved and I hope more will be looking to see what new mortgages products they could offer."
The Department for Social Developlment understands that RBS and NatWest are offering a two-year, fixed-rate mortgage starting at 4.99% for those offering a 5% deposit, with no fee.
Halifax will be taking applications at a rate of 5.19% with a £995 fee for those offering the same deposit.
Virgin Money, HSBC, Aldermore and Bank of Scotland will be offering mortgage products in the coming weeks, with deals from other lenders expected to be in place by January.
(IT/CD)
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Northern Ireland WeatherToday:A cloudy day with outbreaks of mainly light rain at times, although there may be the odd heavier burst. Driest in the south and east during the afternoon. Moderate southwesterly winds. Maximum temperature 11 °C.Tonight:Staying cloudy throughout the evening and overnight period with a little rain or drizzle at times. Mild overnight with light winds. Minimum temperature 7 °C.
