Halifax supports first-time buyers

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by Gill Montia

Halifax has launched a two year, fee free, fixed rate first-time buyer mortgage, at 5.99%.

According to the lender, today’s first-time buyer typically pays a product fee of around £995, and in addition to waiving any fee, Halifax is offering £500 cash-back on its new deal, which can be put towards costs such as conveyancing and valuation.

Even better, the bank’s current account customers will receive an additional £150 cash-back on completion of the mortgage.

According to Halifax mortgage director, Stephen Noakes, housing affordability is at its best in eight years for first-time buyers but buying a home has always been an expensive process and for first-time buyers, every bit of help counts.

Mr Noakes sums up: “The total numbers of first-time buyers is currently at a low level across the UK, and it clear that first-time buyers need more help to achieve their home-buying aspirations.”

Product details include:
• New two year fixed rate at 5.99% for first-time buyers.
• Available between 85% and 90% loan-to-value ratio.
• No fees: No product fee, no Mortgage Account Fee.
• Early repayment charge of 3% in year one, 2% in year two.
• Maximum loan amount £1,000,000.
• Available on a repayment basis only.