19
Nov
First-time buyers given property ladder boost with reduced loan
rates
First-time buyers looking to purchase houses for sale in the UK
have been given a boost to get on the property ladder with reduced
rate mortgages.
The Co-operative Bank and Britannia have announced that from today
(November 19th 2010), their two-year fixed-rate mortgages at 90 per
cent loan-to-value will be reduced from 6.09 per cent to 5.69 per
cent.
Head of mortgages for The Co-operative Financial Services James
Hillon said that this reduction was made to directly assist those
who would struggle to meet mortgage repayments if they bought a
house.
"We recognise times are still difficult for those looking to get
onto the property ladder so the rate reduction on our two-year
fixed-product will provide a welcome boost for first-time buyers,"
he stated.
Earlier this week, Norwich & Peterborough Building Society also
cut fees on its five-year fixed-rate mortgages, which product
manager at the firm Richard Barker said was "good news for those
looking to buy their first home". 