Newcastle Building Society launches First Homes mortgages
Newcastle Building Society has today launched its range of 95 per cent loan to value (LTV) mortgages available under the government’s First Homes scheme.
The products are amongst the first under the initiative which was launched last month. It offers first-time buyers a discount of at least 30 per cent on a new-build property’s market value.
Prices for properties must not exceed than £250,000 outside of London, or £420,000 in Greater London.
The mutual’s two-year fixed rate is available at 2.89 per cent while the five-year fixed rate is available at 2.99 per cent.
Stuart Miller, chief customer officer at Newcastle Building Society, said: “We’re pleased to launch our First Homes products, which will give brokers and their clients a competitive option on the pilot developments.
“By participating in First Homes, we’re delivering on our commitment to support first-time buyers, especially those without access to the bank of mum and dad. It’s one of several innovative initiatives we’re involved in to help low-deposit borrowers get on and up the property ladder.”