Key findings of the research include:
- 71% of people think Help to Buy rates shouldn’t exceed 3.99% in the current climate
- 71% of people think normal mortgage rates shouldn’t exceed 3.99% in the current climate
- 77% of people think Help to Buy mortgage rates shouldn’t be higher than normal mortgage rates
- 62% of people think that the Help to Buy will push up rates for all mortgages
The Help to Buy mortgage rates announced by the participating lenders are cheaper than 95% mortgages, but still costly compared to normal mortgage rates. They all exceed the preferred 3.99% limit as indicated by Property Network’s research.
One of Property Network’s users, Susan Watson, followed up the survey with the question:
“If Help to Buy is there to help people who couldn’t afford to save for a deposit, does it make sense to tie them into long-term, high-rate mortgages? Owning a property doesn’t make their income increase. What happens if rates go up during the next 2-3 years?”
