Help To Buy Mortgage Borrowers Face £1,050 A Year Hike In Fees

Thousands of homeowners who have bought properties using the Help to Buy scheme will see their loan repayments skyrocket from next month. Under Help to Buy, borrowers are given a loan of up to 20 per cent of the value of a newly built home by the Government. The loans are interest free for five years.  After this interest is charged at a rate of 1.75 per cent of the loan.  The first swathe of buyers who took out Help to Buy loans five years ago will be hit with the extra charges from April. Someone with a £300,000 property who took the 20 per cent loan would have to pay an extra £1,050 in the first year. Read more on the Daily Mail website.

http://www.dailymail.co.uk/money/mortgageshome/article-5469983/Families-sold-Help-Buy-mortgages-face-1-050-fee-hike.html