Tracker help for first time buyers

06-Jun-2005

A three-year stepped tracker mortgage has been launched by Bradford & Bingley, in association with Woolwich, which is aimed at aspiring first time buyers.

Click here 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

Many first time buyers finding a deposit are set to benefit from the new offering, as it provides aspiring homeowners with £500 worth of cashback.

With an initial rate of 5.19 per cent for the first year, which then reverts to the Bank of England Base Rate +0.54 per cent for the second year and BBR+0.64 per cent in the third year, the product is designed to bring in more first time buyers to the market.

Click here to ask about the legal costs of house-buying or to ask a legal question specific to your own situation

"As it is widely believed that base rate has now reached its peak in this current cycle, buyers who are happy to take a tracker product could soon see the advantages that it has to offer," explained the mortgage development manager for Bradford & Bingley,
Duncan Pownall.

It could provide a major solution for many aspiring homeowners struggling to find a mortgage to get themselves onto the first rung of the property ladder.

Mr Pownall added: "The £500 cashback is a helpful 'moving-in present' for first time buyers who will benefit from a financial boost when they need most."

Click here for our first time buyers guide

Click here for further information on finding a deposit

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