Mortgage aimed at FTBs
March 28, 2007 by admin
Filed under News, News-Mortgages
As first-time buyers (FTBs) struggle to get onto the property ladder a number of lenders are now releasing mortgages aimed specifically at them.
Earlier this month Nationwide announced that it had a fixed-rate 25-year mortgage to offer and now the Co-operative Bank is throwing its hat into the ring.
The firm is offering FTBs a mortgage which is designed to make the first steps onto the property ladder a little bit easier.
It comes with one per cent cashback, which will be helpful in covering stamp duty and any other costs that FTBs may incur.
In addition, the mortgage has a fixed rate of 6.29 per cent for five years and a free basic valuation.
Research by Co-operative Bank shows that many FTBs are still finding it extremely difficult to get onto the property ladder with cost being the main factor.
It is in response to this that the bank has chosen to release its latest mortgage.
“As house prices have continued to rise it is important that the lifeblood of the market – first time buyers – are given extra help to gain that all important first footing on the ladder,” said John Barker, head of mortgages at Co-operative Bank.
“At the Co-operative Bank we believe that new innovative mortgage products such as this should be developed to help alleviate some of the extra worry for first time buyers.”
FTBs are urged to make sure that they are completely aware of all costs before they enter into a mortgage agreement.
