Aldermore continues its strong record supporting homeowners by launching its London Help to Buy mortgage. Under the scheme, the Bank offers a 2-year fixed rate product with an interest rate of 3.98% up to 75% LTV, available from Monday, 1st February.
The London Help to Buy: scheme is identical to the existing Help to Buy: equity loan scheme, apart from the size of the Government equity loan, which can be up to 40% in the London scheme (as opposed to up to 20% for the ‘rest of England’ scheme).
The scheme allows first and second time buyers to purchase new build properties in the capital up to a maximum value of £600,000 with a maximum loan of £450,000.

Charles Haresnape, Aldermore’s Group Managing Director, Mortgages, said:
“I’m delighted to announce that the Bank is to support the London Help to Buy scheme.
“Aldermore continues to have a proud record of supporting homeowners across the UK. We believe the Help to Buy scheme has had an extremely positive impact on homeownership and recognise the particular difficulties for many people trying to buy in London. Our product and the wider scheme will help those looking to buy and make a home in the capital.”

Product highlights

• 3.98% 2 year fixed rate to 75% LTV
• Capital Repayment Only
• Maximum loan amount of £450,000 and maximum property value of £600,000
• Minimum customer deposit of 5%
• Maximum equity loan of 40%
• The property must be located within the 32 London Boroughs or the city of London