The Co-op reaches out to first-time buyers

The Co-operative Bank and Britannia are providing a new mortgage to help support first-time buyers get on to the property ladder.

A new two-year fixed-rate mortgage has been launched for people looking for the best mortgage rates when preparing to take that first step on to the property ladder, with an initial rate of 5.09 per cent.

Available at 90 per cent loan to value LTV, with an application fee of £999 the new product offers first-time buyers very competitive mortgage rates at a time when mortgage lending has decreased.

Borrowers can opt to pay no fee on the mortgage if they opt for an initial rate of 6.09 per cent.

James Hillon, head of mortgages for The Co-operative Financial Services, said: "We are keen to continue to help support mortgage customers and the introduction of the new two year products provides a welcome boost for first-time buyers and home movers."

He added that customers looking to take out these mortgages will have the additional benefit of a flexible range of direct channels, including internet, telephone and in branch, as well as the benefit of the company's high levels of customer service.

Earlier this month HSBC also introduced new mortgage rates aimed at first-time buyers, including a two-year fixed-rate available at a rate of 5.09 per cent.
 

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2010-09-24 11:39:41 © Moneyextra.com