You are here: Home - Government Help - News -

Precise Mortgages to launch Help to Buy London mortgages

Written by: Hannah Uttley
Precise Mortgages has confirmed it will launch a range of products for the Help to Buy London scheme, and plans to become involved in all of the government’s home ownership initiatives in the near future.


Chancellor George Osborne announced during his Autumn Statement last year that an extension of the Help to Buy: Equity Loan scheme would focus on the needs of those buying in London.

Buyers will be able to obtain an interest-free equity loan from the government worth up to 40% of the value of a new-build home, compared to the 20% loan offered to those living outside of London.

The government loan will be available through lenders from 1 February.

Alan Cleary, managing director at Precise Mortgages, confirmed that Precise will be one of a handful of lenders offering mortgages to support the scheme, adding that the lender would also be entering the Right to Buy and shared ownership schemes later in the year.

He explained that rates and products for the London scheme would look the same as Precise’s existing Help to Buy range, launched earlier this year. The range offers a two-year fixed rate starting at 3.95% and four-year fix starting at 4.20%. All deals come with a product fee of £995 and loan limit of £450,000.

This week, Leeds Building Society became one of the first lenders to confirm its Help to Buy London product details, which includes two-year and five-year product options with a rate of 1.79% and 2.45%, respectively.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Save money now!

See how much you could potentially save by remortgaging to a different product

Your Mortgage Guides

Guide to Offset Mortgages

Download our handy guide to offset mortgages, brought to you in partnership with Scottish Widows Bank

Read More >

How much can you borrow?

A calculator designed to help you understand how much you can borrow towards your property
Read previous post:
Insurers launch scheme for flood-prone properties

In April, a group of UK insurers are set to introduce launch a new scheme to provide affordable cover for...