A helping hand for first-time buyers
On Friday 20 January, Britannia, Britain's second largest Mutual, is returning to the first-time buyer market with a brand new, three year fixed rate mortgage with a headline rate of 4.99 per cent.
Furthermore, the product has no administration fee, no arrangement fee and offers a free first standard valuation, which means that first time buyers are saving in excess of £600 in upfront fees. In addition, there is no higher lending charge on this mortgage which means that, based on a property valued at £125,000, those who are borrowing more than 90% could make a saving of more than £2000.
Tim Franklin, Britannia's Managing Director of Member Business explained: “It is hard enough for first time buyers to save for their initial deposit, without the additional worry of finding the money to pay for administration costs. Britannia's new mortgage is fee free and therefore removes the burden of these costs and higher lending charges from first time buyers.”
In recognition of the varying circumstances of first time buyers, rather than having a one size fits all approach, Britannia's first time buyer mortgage has been tailored to suit the individual borrower's requirements with three tiers, depending on the size of the buyer's deposit.