Help to buy mortgage rates

hairbrain05

Hi all,

We are considering the HTB scheme (Scotland) in future as a step up from our current property.

I've found a mortgage affordability calculator which shows the criteria, costs etc. The interest rate is entered as 5.99% with a comment in the notes ' The interest rate of 5.99% is set as the standard variable rate of lenders and will be reviewed on an on-going basis. '

Does this mean that 5.99 is the standard rate for a 5% mortgage? Our current mortgage is on the Halifax SVR rate of 3.99%.

Thanks
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kingstreet

Help To Buy - Equity Loan (Newbuild only, 5% deposit, 20% equity loan?

Help To Buy - Mortgage Guarantee (second hand, 5% deposit, 95% mortgage?

You need to use the calculator of the lender you intend to use for your mortgage and enter the rate of the product you intend to apply for.

hairbrain05

Thanks - I don't think there is the 2nd option in Scotland so it's the first option.

We're obviously at the very early stages and still have a property to sell beforehand. But we would only sell if we knew that we could go for a new build on this scheme. But i suppose no one can really tell us what rate we'll be eligible for until we apply? I wondered if there was separate mortgage products for this scheme or if the usual circumstances are taken into account i.e. the bigger the deposit the lower the rate?


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kingstreet

Both HTB options are available in Scotland.

AFAIK the only difference is a lower maximum purchase price.

hairbrain05

thanks - very helpful, i just assumed that the 2nd option was viable for us but it seems it is! more options to consider


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