New mortgage aims to help first time buyers

First time buyers who are hoping that 2006 will be the year that they get their first foot on the housing ladder are being given a leg up by the Britannia Building Society.

Britain’s second largest Mutual has just released a three-year fixed-rate mortgage with a headline rate of 4.99 per cent.

First time buyers are expected to be particularly interested in the product due to the fact that it comes with no administration fee, no arrangement fee and offers a free first standard valuation.

This means first time buyers can save as much as £600 at a time when cash will probably be needed for furnishings and the all important deposit.

Tim Franklin, Britannia’s managing director of member business explained: “It is hard enough for first time buyers to save for their initial deposit, without the additional worry of finding the money to pay for administration costs.

“Britannia’s new mortgage is fee free and therefore removes the burden of these costs and higher lending charges from first time buyers.”

© Adfero Ltd

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