Barclays and Woolwich have reduced the rate on the Bovis Homes’ Perfect 10 mortgage package by 1.2 per cent.
The new two-year fixed rate deal is set at 3.79 per cent, with a fee of £999 and a loan to value of 90 per cent. At the end of the deal, the rate reverts to base rate plus 2.99 per cent, currently 3.49 per cent.
The deal is available on all Bovis developments in England and Wales, and Bovis will also contribute £500 to cover legal fees, as well as offering three years free unemployment cover.
Andy Gray, head of mortgages for Barclays, said: “Slashing the rate enables more buyers to purchase a new home with just a 10 per cent deposit at one of the most affordable rates since the recession. The deal also gives a measure of protection for customers, Barclays and Bovis Homes and is testament to our commitment to get lending at 90 per cent levels on the right track but in a way which is sustainable in the long term.”
Bovis Homes chief executive David Ritchie said: “In the current climate housebuilders can’t just be about bricks and mortar, and they can’t sit back while homebuyers battle to raise the funds for a new home. We’ve been striving to find ways to help them move and this big cut in the initial two-year rate offers homebuyers a superb opportunity to get in there and snap up their dream home.
“‘The Perfect 10’ has always been a great solution for people struggling to get a deposit and now it is even better. We want to buck the lending trend that has left many people frozen in or out of the market — and hopefully this rate cut will bring the bit of sunshine people need to get them moving.”
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