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.
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