Halifax launches 7-year deal at 90pc LTV
Available from tomorrow the product is being introduced as part of Halifax’s campaign to help first time buyers onto the housing ladder.
The mortgage comes with no product fee and customers are eligible to receive £500 towards their moving costs as part of Halifax’s current offer on all first time buyer and homemover products.
This longer term high LTV mortgage deal was made possible as a result of Halifax’s participation in the Government’s Funding for Lending scheme – an initiative introduced to stimulate the UK housing market.
Stephen Noakes, mortgage director, Halifax, said: “There is no question that first time buyers have to overcome major hurdles to join the property ladder but this product has been designed specifically with them in mind.
“With a 10% deposit, the certainty of monthly payments over a long period, the removal of product fees and £500 cashback at a time when they need it most; this offers a real solution for aspiring homeowners.”
Earlier this year Lloyds Banking Group announced the UK’s largest commitment to first time buyer lending, confirming it will lend £5bn to first time homeowners by the end of 2012.
In the first six months of the year, the Group helped over 25,000 people take their first steps onto the property ladder and this pledge will help over 50,000 people buy their first home by the end of 2012.
One in three mortgages on affordable housing schemes are provided by Halifax, including shared ownership and shared equity. And the lender provides more than 25% of funding for the NewBuy scheme, working alongside 23 housebuilders, more than any other lender.