Bovis partners Barclays to offer first-time buyer mortgage

| June 10, 2010 | 0 Comments

Housebuilder Bovis has joined forces with Barclays to offer a mortgage aimed at first-time buyers, through the bank’s Woolwich lending arm.

However, the 90% loan-to-value (LTV) deal, which comes with unemployment protection for three years from exchange of contracts, is only available to those purchasing a Bovis home.

For the maximum 90% LTV, the rate is fixed at 4.99% for two years, after which it reverts to a lifetime tracker at base + 2.49% (currently 2.99%). A £999 arrangement fee applies.

Barclays’ head of mortgages, Andy Gray, says: “The deal struck today is about helping to get the housing market back on the right track but in a way that is sustainable in the long term.”

He adds: “This is about giving good rates at the right time which is excellent news for home-buyers and the housing market.”

Bovis Homes chief executive, David Ritchie, adds: “Many of our potential customers are struggling to save the higher deposits required by the mortgage market today and this innovative new product … will mean that more customers will be able to buy a new Bovis Home now, at a more affordable cost.”

First-time buyers also received a boost in confidence from Housing Minister Grant Shapps this week, when he announced that “the age of aspiration is back” for would-be homeowners.

According to the minister, most people still want to own their own homes and the Government will be supporting them in that.

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