Look beyond Help to Buy at all the options

The Help to Buy mortgage guarantee scheme is making the headlines at the moment given its earlier-than-expected launch at the Conservative Party conference. But it may not be suitable for everyone and there may be alternatives especially as many regional building societies already offer 95 per cent loan-to-value mortgages.

Societies like the Mansfield, Nottingham, Cambridge and Leeds have provided these through the financial crisis, both direct and via intermediaries, and they should not be forgotten now the new Government scheme has been introduced.

The lenders offering these tend to be regional (although the Nationwide also offers some 95 per cent mortgages), but given that there are numerous examples of those participating most of the UK will be covered. These deals coupled with the different types of “Family guarantor” type of products from the likes of Woolwich and Aldermore are also good alternatives that shouldn’t be forgotten.

We are not saying that the Help to Buy mortgage guarantee scheme should be ignored, particularly as a number of lenders have signed up in recent months and more are expected to join. But, it is important to look at all the different options to make sure you get the best possible deal.

For help and further advice please do not hesitate to contact us at Hoskin Mortgages.

Until the next time Clare Allen.