ESBS launches First-time buyer mortgage
The Earl Shilton Building Society (ESBS) has launched a mortgage for first-time buyers who have a minimum of ten per cent for their deposit.
The five-year discounted-rate mortgage is available for people looking for loans of up to 90 per cent of the property's value.
And it comes with a variable interest rate of 4.5 per cent for loans of up to £125,000, which is a discount of 0.45 per cent on the Leicestershire-based building society's standard variable rate.
Audrey Green, business development manager at ESBS, said: "Mortgage deals which only require a small deposit are vital in helping first-time buyers on to the property ladder and therefore reviving the housing market.
"We are the Earl Shilton Building Society have always taken a cautious and prudent approach to lending and feel this is the correct time to be introducing this attractive deal."
ESBS said it would pay any higher lending charges on the mortgage, which is only available at present to people living in the Midlands.
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