19 Nov

First-time buyers given property ladder boost with reduced loan rates

First-time buyers given property ladder boost with reduced loan rates

First-time buyers looking to purchase houses for sale in the UK have been given a boost to get on the property ladder with reduced rate mortgages.

The Co-operative Bank and Britannia have announced that from today (November 19th 2010), their two-year fixed-rate mortgages at 90 per cent loan-to-value will be reduced from 6.09 per cent to 5.69 per cent.

Head of mortgages for The Co-operative Financial Services James Hillon said that this reduction was made to directly assist those who would struggle to meet mortgage repayments if they bought a house.

"We recognise times are still difficult for those looking to get onto the property ladder so the rate reduction on our two-year fixed-product will provide a welcome boost for first-time buyers," he stated.

Earlier this week, Norwich & Peterborough Building Society also cut fees on its five-year fixed-rate mortgages, which product manager at the firm Richard Barker said was "good news for those looking to buy their first home". ADNFCR-1222-ID-800246977-ADNFCR

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