Halifax today announces the detail of its Help to Buy mortgage products, which will allow homebuyers to access a mortgage with just a 5% deposit.
Last week, Halifax committed to launching products through both its branch network and through mortgage intermediaries.
This week, Halifax is launching products at 90-95% LTV, available for both First Time Buyers and Homemovers. Customers will be able to apply for the mortgages, in branches and through intermediaries, from Friday 11 October.
The product rates, available up to a maximum loan to value of 95%, include a 2 year fixed rate at 5.19% with a £995 product fee. Further product detail will be available in due course.
Stephen Noakes, Mortgage Director, commented:
"This scheme will help first time buyers and homemovers who can afford a mortgage but until now, have struggled to raise the necessary deposit. Through the scheme, these products will make mortgages more accessible – providing a genuine solution for those who have not been able to get on, or move up, the ladder".
"We know that there will be strong demand for these rates, and expect to take applications for these products from Friday."