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Reduce interest rate for Help to Buy scheme.

Submitted by Vijay Zala on Friday 20th March 2020

Published on Friday 17th April 2020

Current status: Closed

Closed: Saturday 17th October 2020

Signatures: 36

Relevant Departments

Tagged with

Bank of England ~ Covid ~ Covid-19 ~ England

Petition Action

Reduce interest rate for Help to Buy scheme.

Petition Details

Help to buy scheme started a few years back introduced up to 20% equity loan to first time buyers. Interest rates were not applied for first five years but then starts at 1.75% and expected to increase by at least 1% each year thereafter. Interest rates should be lowered with current rate

Additional Information

Bank of England Interest rate in current economic climate and with COVID-19 situation has gone already down and therefore government should reconsider their position on charging a much higher rate to first time buyers who were helped by the scheme but won’t be able to repay with higher interest rate.

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