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Product focus: First time buyer mortgages

Product focus: First time buyer mortgages

Category: Mortgages

Updated: 07/07/2011
First Published: 06/07/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Many mortgage lenders offer products designed specifically for first-time buyers, often with low fees and high loan-to-values to keep initial set-up costs to a minimum.

Here is a selection of some of the best first-time buyer mortgage products at present:

Yorkshire Building Society

  • This deal offers first-time buyers a fixed rate of 5.39% to 30.9.13.
  • The maximum loan-to-value is 90% and the maximum advance is £500,000.
  • No arrangement fee is payable and there are additional incentives of a free valuation, free legal fees and a £500 rebate upon completion.
  • Borrowers also have the option to make overpayments of up to 10% of the outstanding balance.

Skipton Building Society

  • This product offers 5.99% fixed to 31.7.13.
  • The maximum loan-to-value is 95% and the maximum advance for first-time buyers is £250,000.
  • Second-time buyers and remortgage customers can borrow up to £1 million.
  • A low fee of £195 is payable and the deal has flexible features such as overpayments and payment holidays.

Mansfield Building Society

  • This discounted variable product offers a rate of 4.69% for three years with a maximum loan-to-value is 90%.
  • A fee of £599 is payable.
  • The deal offers to refund the valuation fees, up to a maximum of £400 and borrowers can make overpayments of up to 10% of the mortgage advance.

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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