Just six lenders have announced they will be offering mortgage guarantee products in the second phase of Help to Buy, but most aren't ready yet and only one deal is open to intermediaries.
RBS, NatWest, Halifax, HSBC, Virgin Money and Aldermore Bank have said they will all be launching mortgages up to 95% LTV, but most won't be ready until later this year or the original from 1 January 2014.
Of these lenders, Halifax is the only one to have an intermediary deal ready to go. It is launching products through intermediaries and branches from Friday, available both to first-time buyers and homemovers.
The products, available up to a maximum loan to value of 95%, include a two-year fixed rate at 5.19% with a £995 product fee. Further details will be announced soon.
Mortgage director Stephen Noakes said: "We know that there will be strong demand for these rates, and expect to take applications for these products from Friday."
Part state-owned RBS and NatWest have jointly announced two products, a two-year fixed rate at 4.99% and a five-year fixed rate at 5.49%. Both are available up to 95% LTV with no fee, on properties up to £600,000.
The deals are only available direct, but should be available to intermediaries later this year. NatWest Intermediary Solutions has confirmed that it will be participating once it has completed the necessary changes to its systems.
It will be developing a suite of specialist products for its core intermediary range to be used with the new scheme, as it has with the current Help to Buy and NewBuy schemes.
Head of intermediary mortgages Graham Felstead said: “We are going to be playing an active role in the new Help to Buy mortgage guarantee scheme.
"With the original launch date having been pulled forward, we are working as quickly as we can to update our systems to accommodate the specific requirements of the scheme, which we expect to be completed by the end of the year.”
HSBC plans to launch its first Help to Buy products later this year. Chief executive Antonio Simoes said: “HSBC already offers some of the most competitive higher LTV mortgages in the market and currently promise to beat or match rates from our high street competitors at 90% LTV. By participating in Help to Buy, we will go further and offer mortgages up to 95% LTV.”
In line with all HSBC mortgages, these deals won't be available through mortgage brokers.
Virgin Money and Aldermore Bank won't enter the scheme in 2014.
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