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Thu 24 Oct 2013

Mortgage rates for Help to Buy scheme unveiled

The government recently brought forward their initiative designed to enable buyers to purchase a home with a small deposit.

RBS, NatWest and Halifax are set to start taking applications this week, with HSBC and Virgin Money reportedly joining the scheme later this year.

There have been concerns that Help to Buy could instigate a housing price bubble, but Treasury Secretary Danny Alexander stated on BBC.co.uk that there is no UK price boom.

"People who think that there's a housing bubble should get out more. They should get out of Kensington and Chelsea, and go to Manchester or Birmingham, and major towns across the country," he said.

Help to Buy mortgage rates:

Bank

Mortgage type

Fee

Interest rate

Deposit required

RBS

a two-year, fixed-rate

£0

4.99%

5%

NatWest

a two-year, fixed-rate

£0

4.99%

5%

Halifax

a two-year, fixed-rate

£995

5.19%

5%

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