Skipton unveils Help to Buy exit range
Skipton Building Society is launching a range for those remortgaging from Help to Buy products tomorrow, which it dubbed “Hexit” products.
The range comes with £1,000 casback to pay for increased legal and administrative costs typically incurred when repaying the government equity loan and offers 2, 3 and 5-year fixes.
Products to 90% LTV have rates of 2.75% for a 2-year fix, 2.85% for a 3-year fix and 2.99% for a 5-year fix. There are also options at 85% and 75% LTV.
Kris Brewster, Skipton’s head of products, said: “It’s almost five years since the launch of the Help to Buy scheme and homeowners are approaching the time when they are required to start paying back the equity loan to the government.
“For anyone who purchased their new home using this scheme it might be a good time to review the options.
“Property prices have generally increased over the last five years and may continue to grow. Consideration to buying out the equity loan may be worthwhile.
“We’ve supported the local new build market for many years and seen business increase in this sector.
“The Help to Buy scheme has made a big difference to homebuyers and we’re committed to supporting those who are now approaching the fifth anniversary since taking their equity loan.”