Britannia responds to return of the first time buyer

20-Jan-2006

A new mortgage product from Britannia is designed to boost the current increase in first time buyers entering the property market.

To find out more about creative mortgages designed specifically for first time buyers click here

The UK's second largest mutual has revealed its latest mortgage deal, aimed at helping first time buyers to finance the purchase of their ideal home and get onto the first rung of the property ladder in 2006.

Potential property buyers can now take advantage of the three-year fixed rate mortgage, which has a headline rate of 4.99 per cent and no higher lending charge.

Click here to find out about the finances of borrowing with friends, i.e. to find out how much you can borrow together and what it will cost you

It also features no arrangement or administration fees and saves aspiring homeowners around £600 in upfront fees and valuation costs.

"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," explained Tim Franklin, Britannia's managing director of Member Business.

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

Industry predictions over the return of the first time buyers have encouraged more providers to ensure they cater for first timers and to extend their advice and support services.

Click here for further information on finding a deposit

For advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK's leading High Street Brokers, Bradford and Bingley, click here

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