YBS enters the Help To Buy remortgage market.
Yorkshire Building Society is the latest lender to enter the Help To Buy remortgage market by launching a new range.
Help to Buy was a government initiative aimed at assisting more people with small deposits to get a foothold on the housing ladder. This was very much needed because first-time buyer numbers plummeted as house prices soared. As purchasing their own home was way out for reach of a significant proportion of the population, the government stepped in an introduced Help To Buy.
A proportion of the money borrowed came from a government fund, the repayments for which were interest-free for a period of time. The idea was that instead of paying interest, the money could be saved and put towards buying out the proportion of equity the government funded. It was also expected that, as time passed and the new home-owners’ salaries increased, they would find themselves in a better position to be able to take on the whole of the mortgage themselves.
For those who bought their first property this way, many are now coming to the end of their initial interest-free term and are seeking to refinance. If this is you, the advice would be to seek qualified assistance to help you review all of your options and avoid having to pay extra charges in interest and fees.
Deal Direct are a leading mortgage broker in the UK. We are also independent, which means the advice we offer is not only professional, qualified and regulated by the FCA but it is also unbiased. Where other brokers will recommend products from a limited panel of lenders, we’ll research the whole of the market for you and present you with your best options, according to your individual circumstances.
For advice on all types of mortgage and remortgage, speak to Deal Direct.