Lenders Offer Attractive Schemes to First Time Buyers

Many lenders now offer more Loans to Value (LTV) mortgages to borrowers with limited deposit. The first time buyers have been facing problems due to the non availability of mortgages since a long time. It was difficult for a person to find an affordable mortgage without a minimum deposit of 20% or more.

Santander has launched a three year deal with a fixed interest of 5.99% and 90%LTV.The fees for this deal is £799.The lender has changed many of its 90% LTV products and these are expected to help many first time buyers.

Another 90% LTV deal offered by New Castle Building Society has 5.15% fixed interest for two years with £195 non-refundable reservation fee and £699 completion fee.

The “unique savings product and service” introduced by the Leeds Building Society is a savings account paying 1.5% interest. When a borrower takes a mortgage with Leeds the gross interest is doubled up to a maximum of £1,000.

The Mortgage Works, a subsidiary of Nationwide offers a three year guarantor mortgage at 4.99% fixed interest with 1% fee and 85% LTV.

The lend a hand mortgage from Lloyds TSB needs 5% deposit plus the guarantee of parent or others who need to make a savings account as additional security.

Other lenders are also providing similar deals aimed at helping the first time buyers.

One Response to Lenders Offer Attractive Schemes to First Time Buyers

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    Comment by admin on July 4, 2012 at 6:06 pm

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