People looking to make their first step on the housing ladder are getting a boost from Clydesdale and Yorkshire Banks with the launch of new lower rate First Time Buyer mortgages for those with smaller deposits.
Launching across the banks’ retail branch and direct networks from tomorrow (Friday 11th October 2013), the rate for first time buyers with just a 5 per cent deposit has been cut by 50 bps (basis points), from 5.49 per cent to 4.99 per cent.
A new Loan-to-Value (LTV) tier at 90 per cent is also being introduced, priced at 3.99 per cent.
First time buyers taking the new 3 year fixed rate deals will also benefit from the banks’ current offer of no arrangement fee, saving £999, free standard valuation and £250 cashback on completion.
Andrew Pearce, retail director for Clydesdale Bank, said: “We are long-time supporters of first time buyers with lower deposits having kept 95 per cent loans available when others withdrew theirs. We have focused on proper underwriting, good affordability measures and consideration of individual circumstances.
“Our new 95 per cent First Time Buyer Mortgage is simple; one loan, one rate, no arrangement fee. Plus there’s the added benefit of a free valuation and £250 cashback. This underlines our on-going commitment to playing our part in a healthy, sustainable housing market.”
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