Bovis and Woolwich team up to offer 1st time buyer loans
The Barclays subsidiary lending arm, Woolwich, has teamed up with Bovis, the UK housebuilder to offer 1st time buyers a new mortgage product.
This new product is available up to a loan to value of 90% but only if the buyers are purchasing a new Bovis home. It also comes with 3 years accident, sickness and unemployment insurance which starts the moment contracts are exchanged.
For the maximum 90% LTV, the rate is fixed at 4.99% for two years, after which it reverts to a lifetime tracker at base + 2.49% (currently 2.99%). A £999 arrangement fee applies.
Barclays’ head of mortgages, Andy Gray, says: “The deal struck today is about helping to get the housing market back on the right track but in a way that is sustainable in the long term.”
He adds: “This is about giving good rates at the right time which is excellent news for home-buyers and the housing market.”
Bovis Homes chief executive, David Ritchie, adds: “Many of our potential customers are struggling to save the higher deposits required by the mortgage market today and this innovative new product … will mean that more customers will be able to buy a new Bovis Home now, at a more affordable cost.”
