Fixed-rate deal offers 'helping hand' for first-time buyers

07-Jul-2008

A new fixed-rate mortgage product from the Cheshire Building Society is being aimed at first-time buyers considering the possibility of shared ownership.

Representatives for the firm suggested that "Big Brother-style" squabbles can be avoided by opting for the Shared Ownership mortgage, which comes on the heels of the government's call to get more "priority first-time buyers" on the property ladder.

"Big Brother is a reminder to potential homebuyers that friends can easily become enemies when you move in together," remarked James Taylor, Cheshire's mortgage product manager.

"Shared ownership is a great alternative, allowing individuals a helping hand to get on the property ladder in a gradual way and still benefit from any increase in the value of the property, with the option of purchasing a larger proportion of the property in the future," he continued.

Offering a rate of 6.8 per cent for the first three years, the mortgage moves to the standard variable rate for the rest of the mortgage term, with arrangement and standard valuation fees covered by the provider.

Under the terms of the government's HomeBuy scheme, first-time buyers who earn less than £60,000 are able to purchase a percentage of a property with the remainder belonging to an organisation to which rent is paid.

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