Lenders to Help First Time Buyers

Attractive new lending schemes are now offered in the housing market by some of the leading lenders aimed at the first time buyers. They have designed products with better terms and conditions so that first time buyers could save some money and the same utilized for adding furniture or for other home improvements.

A two year fixed rate mortgage designed by the leading player Halifax bears an interest of 5.79% without product fees, valuation fees, conveyancing costs or other similar fees. If opted for this deal the buyer could earn around £2,000 on various fees above.

Another fixed rate deal developed by the Newcastle Building Society (NBS) features a new 90% LTV (Loan to Value) loan with an interest of 5.15% and an APR of 6.2%.

The Skipton Building Society has a five year deal at 5.78% with a £995 fee. Another five year deal by NatWest has an interest of 6.49% at 90% LTV.

According to Melanie Bien of Private Finance, though the Halifax and New castle products were very good at 90% LTV,a two year fixed rate was however not good since most likely the rates would increase in the future.

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