Alliance & Leicester: Mortgage for first-time buyers
Alliance & Leicester has created a new three-year fixed-rate mortgage exclusively for first-time buyers.
The fee-free mortgage, which has an interest rate of 5.99 per cent, is for loans of up to 85 per cent of the property's value.
And Alliance & Leicester has included a Homebuyer solution in the deal, which means anyone taking out the mortgage will receive a free valuation.
Nici Audhlam-Gardiner, mortgages director at Alliance & Leicester, said research showed there were 1.8 million potential first-time buyers waiting with their deposits to purchase a home.
She said: "It's hard enough for struggling first-time buyers to get onto the property ladder at the moment.
"That's why we've launched this best-buy deal and, as every penny counts, with no fees, first time buyers have one less thing to worry about."
The first-time buyer mortgage is part of a new range the bank has unveiled. A five-year fixed-rate deal with interest at 4.79 per cent, and a three-year purchase only loan with a rate of 5.79 per cent are among the other new products.
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