The Help to Buy Slough homes scheme has been launched by the Government to provide homebuyers with more choice. There are three main types of loan schemes to choose from, and the information is shown below.
First loan mortgages - these are mortgages that provide the homeowner with the loan they require for their home, but at a cheaper rate than on a regular mortgage. These mortgages are normally made available through banks, building societies and some specialist lenders and you can usually get the loan within seven days of application.
Second loan mortgages - these are mortgages that offer the same benefits as a first loan, but at a much higher rate than on a standard mortgage. This rate of interest is usually around three percent.
Third loan mortgages - these are loans that are designed to cover your monthly repayments at the same interest rate as with a first or second mortgage. These loans are usually a little longer than the other two, with an average term of fifteen years.