Santander has become the latest lender to sign up to the governments Help to Buy Scheme which was introduced by the government back in April 2013. The Help to Buy scheme which was introduced by the government to help prospective buyers get onto the property ladder is already supported by Halifax and Nationwide to name a few as the main lender of the governmental scheme alongside smaller building societies.
As the latest lender to support the scheme Santander has announced it will be offering a range of mortgages which will be aimed at the buyers who cannot afford a large deposit. It will allow buyers looking to purchase a new-build home to take out a mortgage for just 75% of the cost of the property provided they can meet the eligibility criteria and affordability checks to manage the low 5% deposit as required under the governmental scheme.
Even though in recent weeks there has been controversy surrounding the government scheme it is a breath of fresh air to see the banks who in recent years were the ones that were demanding the larger deposit from home buyers now supporting the scheme.
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