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
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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.