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When it comes to exploring the mortgage options available, you will find there are many different ways in which interest can be charged on your mortgage.
The interest rate remains the same for the period of the deal, which is usually for 3 – 5 years, but can be for as long as 10 years.
The interest rate on a tracker mortgage is linked to the Bank of England base rate.
The interest rate on a variable mortgage is a lender’s “default” rate without any limited-term deals or discounts.
The interest rate on a discounted mortgage is essentially the lender’s Variable Rate with a set percentage discount applied to it.
An offset mortgage is linked to your savings and current account, and instead of earning interest on your balance you pay less interest on your mortgage.
Help to Buy – what you should know.
Help to Buy Mortgage Guarantee Scheme
The Help to Buy mortgage guarantee scheme was launched in October 2013 and is available nationwide, giving eligible buyers access to 95% mortgages for both traditional and new build properties.
Through this scheme the UK government provide a guarantee to mortgage lenders that protect them up to 15% of the mortgage amount in the event of repossession. This guarantee allows mortgage lenders to provide 95% mortgages at affordable interest rates as the risk to the lender is reduced.
This phase of the scheme is also available to both first time buyers and homemovers who have a minimum 5% deposit and can afford the mortgage repayments on a 95% mortgage.
Help to Buy Equity Loan Scheme
This scheme gives buyers the opportunity to buy a new build home from a participating developer with just a 5% deposit, which will then be accompanied by an equity loan from the government for up to 20% of the property value. As a result, a buyer participating in the scheme would only require a 75% mortgage, putting home ownership in reach for those who cannot afford large deposits traditionally needed and the high monthly repayments which would normally be found on a 95% mortgage.
The Help to Buy scheme differs from traditional Shared Ownership schemes as the buyer always remains the only owner of their property. In Scotland the equity loan remains interest free for the duration of the loan.