Jacqui, 16th October 2020
Last weekend 10th October The Times reported on the Government Help to Buy Scheme, which has been in operation since 2013. The article points to the fact that after the first five years the interest free loan that was taken out becomes repayable, in most instances this will be at an uncompetitive mortgage rate.
The advice at this time of uncertainty is to try to look to the future when taking on one of these schemes. Although this is a great way for first time buyers to obtain a foothold into the market, you need to remember that in five years’ time the loan will need to be repaid, or provision made for the additional amount of interest payments.
The full article can be read here https://bit.ly/3m4XQ0H