Barclays is introducing a range of new shared equity products to support the official launch of the London Help to Buy scheme from 1 February.
The range consists of two and five-year fixed rate products and fee free options, as follows:
- Two-year fixed rate at 1.55% with £999 fee
- Two-year fixed fee free at 1.85%
- Five-year fixed at 2.19% with a £999 fee
- Five-year fixed fee free at 2.49%
Barclays’ new Help To Buy London products will be available to qualifying borrowers buying a property in the London boroughs who will be able to apply for an equity loan of up to 40% LTV from the Help to Buy scheme.
Homebuyers and movers will need to provide a 5% deposit, meaning that a 55% LTV mortgage is required. The maximum loan will be £330,000 and will have an extended end date of June 2018 / June 2021 respectively.
Craig Calder, director of mortgages for Barclays, said: “Our new market leading range of shared equity products to support the London Help to Buy scheme is designed to help more hard-working first time buyers to achieve their ambition of home ownership in the capital, and supporting those needing to move to their next home.
“The gap between income and house prices is at its widest in London, which is why Barclays is committed to supporting the new ‘London Help to Buy’ initiative and providing other innovative ways to help even more people to afford a home in London.”
Alongside the new Help To Buy London products, Barclays will continue to offer Help to Buy 75% LTV products, Family Springboard and Help to Buy ISA.