6 Jan

First-time buyers to save fees with new Halifax mortgage

First-time buyers to save fees with new Halifax mortgage

People looking to purchase houses for sale in the UK for the first time could save money as Halifax has launched its 'no fees' mortgage.

The financial services firm announced yesterday (January 5th 2011) that it has released a new two-year, fee-free, fixed-rate first-time buyer loan designed to assist buyers in getting on the property ladder.

It stated that this mortgage, which comes at a rate of 5.79 per cent, could save new homeowners around £1,986 on initial costs, saying that a first-time buyer normally spends money on a product fee of £995, £506 on conveyancing costs and £240 on a valuation charge as well as £250 on setting up the loan.

Stephen Noakes, commercial director of mortgages at Halifax, said: "Providing support to first timers by paying the fees on this product means that buyers can put that money to use supplementing their deposit or purchasing furniture or white goods for their new home."

Last month, Halifax released its First Time Buyer Review, showing that mortgage affordability for people stepping on to the property ladder is at its most favourable for 12 years.ADNFCR-1222-ID-800326491-ADNFCR

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