Halifax launches fee-free mortgage for first-time buyers
Thursday, 05 January 2012 10:58
Halifax is aiming to help first-time buyers get a foot on the property ladder by launching a fee-free mortgage.
The home loan will have no product or mortgage account fees and lasts for two years.
It also has a fixed rate of 5.99 per cent and is available for loan-to-value ratios of between 85 and 90 per cent, meaning buyers will not have to find huge deposits to take up the offer.
Halifax mortgages director Stephen Noakes said since fees typically cost around £995, the product represents a significant saving.
"Buying a house has always been an expensive process and for first-time buyers every bit of help counts," he added.
Current account customers will also be able to benefit from an extra £150 cashback on completion.
In 2011, a Halifax study revealed that affordability of homes for first-time buyers is at its highest level for eight years, which could prompt people to take the plunge and look for a new home.
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