New year, new mortgage deal for first time buyers

03-Jan-2006

Aspiring homeowners looking for a competitive mortgage deal this January will welcome the launch of a new two-year fixed rate offer by Leeds Building Society.

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

Designed with first time buyers and young professionals in mind, the product focuses on the first two years of the mortgage and recognises the financial burden on buyers during this time.

If you are interested in buying a new house within a 'gifted deposit' scheme whereby you don't need to come up with a deposit but just pay a nominal fee of £5000 click here

Following this, the mortgage offers a low fixed rate of just 1.89 per cent for the initial two years, which will later switch to a standard variable rate.

"We have specifically designed this product to support customers in the first two years of their mortgage, fixing payments to a minimum and allowing customers to budget," explained Karen Wint, head of marketing and PR at the building society.

Ms Wint believes that the deal will appeal to those who are looking to purchase a property in the new year but are finding it difficult to raise a deposit and plan for the first couple of years of repayments.

She advised aspiring homeowners to consider all the various types of mortgages available before agreeing to a deal, adding that the product should be "right for their specific circumstances".

To find out what you can borrow, even if you are in an adverse credit situation click here

Click here for further information on finding a deposit

If you want to post your comments on today's news in the FirstRung Forum click here

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