Hinckley & Rugby targets Midlands first-time buyers
Its two-year discounted mortgage is available up to 95% loan to value (LTV) at a rate of 4.99%, a reduction of 0.65% from its Standard Variable Rate. The product will only be available on properties in the region which are being sold by Barratt, Bellway, Linden Homes and Miller Homes.
The arrangement fee is £399 and the completion fee £695.
The lender says it is able to offer mortgages up to 95% LTV due to its deal with the quartet of housebuilders, who pay insurance premiums on the value of the property above 80%.
Chris White, chief executive at Hinckley & Rugby, commented: “We hope to help more people buy their first homes.
“This is a partnership approach to enabling first time buyers in particular to be able to buy new homes from developers in the Midlands.”