The rate is fixed for three years at 4.99 per cent. However this rate is only available on loans of up to 75 per cent of the value of the property, so will only suit those buyers with large deposits.
The rate increases to 5.09 per cent for loans between 75 per cent and 90 per cent loan to value (LTV) and to 5.39 per cent for loans above 95 per cent. But there is no higher lending charge to pay.
There is no administration fee, no arrangement fee, or valuation fee. Redemption charges are payable in the first three years.
Tim Franklin, Britannia’s managing director of member business explained: “It is hard enough for first time buyers to save for their initial deposit, without the additional worry of finding the money to pay for administration costs. Britannia’s new mortgage is fee free and therefore removes the burden of these costs and higher lending charges from first time buyers.”
Free guides to getting good legal advice
The Law Society has produced a range of guides to help you choose the right legal adviser, but warns that not enough is being done to highlight the risks of unregulated advisers.
The guides cover all aspects of legal advice and includes; buying a home, setting up home with your partner and renting out a home.
