8 Mar

95% loan-to-value for first-time buyers

95% loan-to-value for first-time buyers

First-time buyers hoping to buy houses for sale in 2011 could benefit from a low-deposit mortgage deal.

Clydesdale and Yorkshire Banks are offiering a 95 per cent loan-to-value (LTV) mortgage aimed at helping people get onto the property ladder.

The three-year fixed-rate home loan has an initial rate of 6.99 per cent followed by standard variable rates.

The mortgage includes a free home valuation and an arrangement fee of £599.

Clydesdale and Yorkshire banks say they want to reaffirm their commitment to first-time buyers.

Only 13 per cent of approved mortgages in 2010 were for first-time buyers.

Steve Reid, retail director for Clydesdale Bank, said: "We understand how difficult it can be to buy your first home and we want to support customers throughout the process and help them take their first step on the property ladder."

The National Australia Group, which owns the two banks, has pledged to hit a target of £10 billion in lending to its customers.

Announced in 2009, the pledge could help people trying to buy houses for sale in 2011 to secure mortgage finance.ADNFCR-1222-ID-800449625-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.