Affordable Housing Initiatives/Products September 2016 – Provider Funder Product comments Savings Banks Government Help to Buy ISA Savings Banks Government Lifetime ISA Loan Government and Government loan Help to Buy Equity Loan Loan for up to 20% of purchase price (no Banks fees if loan paid back in first 5 years) Need 5% deposit and 75% mortgage New Build homes up to £600,000 First time buyers and homeowners wanting to move Equity Loan Catalyst HA/ Catalyst HA & LA Regional Equity Loans Catalyst working with Local Authorities to local authority create bespoke equity products. With low interest loans Local eligibility criteria can be set. Mortgage Banks Government Help to Buy Mortgage Guarantee New build or resale up to £600,000 guarantee Lenders can offer 80-95% LTV mortgages Mortgage must be less than 4.5 times income Mortgage Local Authority Local Authority Local Authority Mortgage Costs of resourcing administration LA mortgage rate may not be competitive to market rates Risk of defaults Mortgage Banks Local Authority Local Authority Mortgage scheme Enable borrowers to apply with 5% deposit guarantee First time buyers LA can determine which type of properties,
Affordable Housing Initiatives/Products – September 2016 Provider Funder Product comments Savings Savings Banks Banks Government Government Help to Buy ISA Lifetime ISA Loan Government and Banks Government loan Help to Buy Equity Loan Loan for up to 20% of purchase price (no fees if loan paid back in first 5 years) Need 5% deposit and 75% mortgage New Build homes up to £600,000 First time buyers and homeowners wanting to move Equity Loan Catalyst HA/ local authority Catalyst HA & LA Regional Equity Loans Catalyst working with Local Authorities to create bespoke equity products. With low interest loans Local eligibility criteria can be set. Mortgage Banks Government guarantee Help to Buy Mortgage Guarantee New build or resale up to £600,000 Lenders can offer 80-95% LTV mortgages Mortgage must be less than 4.5 times income Mortgage Local Authority Local Authority Local Authority Mortgage Costs of resourcing administration LA mortgage rate may not be competitive to market rates Risk of defaults Mortgage Banks Local Authority guarantee Local Authority Mortgage scheme Enable borrowers to apply with 5% deposit First time buyers LA can determine which type of properties,