Banks have come under fire for charging FirstBuy applicants hefty premiums.
The scheme, launched at the beginning of the month, aims to provide 10,000 loans to first-time buyers helped by equity being pumped in by developers and the Government.
FirstBuy borrowers then take out a mortgage on 75% of the value of the property.
However, Halifax is charging FirstBuy borrowers 4.49% for a two-year fixed rate deal, compared with 3.59% for those outside the scheme.
It means that FirstBuy borrowers with a £150,000 loan would be paying £890 more a year than non-FirstBuy borrowers.
Halifax charges no arrangement fee, but Barclays charges £299, and Barclays also charges FirstBuy borrowers more – 4.59%, compared with 3.58% for standard borrowers.
By contrast, Nationwide Building Society charges a £400 fee but does not charge FirstBuy borrowers extra, allowing them to take any deal in its core range that is available to those with a 75% deposit.
A FirstBuy borrower with Nationwide would pay 3.24% for a two-year fix, compared with Halifax’s 4.49% for the same deal and Barclays’ 4.59% for a three-year fix.
Melanie Bien, of Private Finance, said: “It seems unfair to charge FirstBuy borrowers more, when the whole point of the scheme is to give them access to more competitive mortgages.”
A total of 14 lenders are currently signed up to the FirstBuy scheme.