New first time buyer mortgage on offer

02-Apr-2007

A new first time buyer mortgage from Co-operative Bank contains a number of features aimed at helping people get on the first rung of the housing ladder.

The first time buyer mortgage provides one per cent cashback to help with the other costs involved in purchasing a property and a fixed rate of 6.29 per cent for five years.

Furthermore, there is no deposit required and a guarantor option available for those who require it.

To find out more about this mortgage and other mortgages for first time buyers, click here.

John Barker, head of mortgages at Co-operative Bank, comments: "As house prices have continued to rise it is important that the lifeblood of the market - first time buyers - are given extra help to gain that all important first footing on the ladder.

"At [our bank] we believe that new innovative mortgage products such as this should be developed to help alleviate some of the extra worry for first time buyers."

He added that this type of home loan product can provide aspiring homeowners with extra money to pay for stamp duty and other upfront costs associated with the home buying process.

As well as mortgages, Co-operative Bank offers personal loans and credit card services for the UK's borrowers.

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