HBSC has launched a range of new mortgages to attract first-time homebuyers. The bank’s new financial products are aimed at those who wish to secure their house purchase with only a small deposit. The bank has reserved £250 million of its lending for first-time buyers up until the end of 2011. Its range of fee-free mortgages includes a maximum loan-to-value (LTV) of 90 per cent, including a market-leading lifetime tracker. A two-year fixed-rate mortgage is available at a rate of 4.49 per cent, as is a five-year fix mortgage at 4.89 per cent, and a lifetime tracker, which tracks at 4.09 per cent above bank base rate. For prospective new homeowners possessing a 15 per cent deposit, a two-year fix at 4.29 per cent, a five-year fix at 4.69 per cent and a lifetime tracker at 3.49 per cent above the base rate are on offer.
David Hollingworth of brokerage firm London & County claims that mortgages are increasingly being made available to first-time buyers, with many lenders being happy to receive smaller deposits. Skipton, Melton Mowbray, and Cambridge building societies all offer 95 per cent mortgages, with rates around 5.5 – 6 per cent. Aldermore offers a 100 per cent mortgage at a rate of 6.48 per cent fixed for three years plus a £1,298 fee. This 100 per cent mortgage does not require a deposit but a guarantor is a necessity.
Duncan Lewis’ conveyancing solicitors make the process of moving house simple. The department’s approachable yet professional solicitors provide their expert legal services at a reasonable cost.