Jun 10
14
Bovis and Barclays have joined forces to offer competitively priced mortgages for first time buyers in Colchester. Mortgages for Essex developments have been formulated to help first time buyers get involved in the property market by offering high LTV loans with low interest rates. By helping first time buyers purchase a property, the move will also help improve the housing market, in what financial experts hope will be a sustainable manner.
For the Quadriga development in Colchester, mortgages are available for a maximum 90% LTV which means that borrowers will have less of a struggle saving for the deposit. There is a two-year fixed rate option and tracker mortgages available which have interest rates of 4.99% and 2.99% respectively, and both have an arrangement fee of £999. To apply for one of these products, borrowers should approach the Woolwich, Barclays’ chosen brand for mortgage lending.
First time buyers are being encouraged to apply now as the Bank of England have kept the base rate at 0.5% for the 15th consecutive month. There is speculation that interest rates will rise to over 3% by the close of 2011, and therefore for maximum benefit, borrowers should take advantage of the offer while rates are low, especially if they are considering a tracker option for an Essex home.
The lifetime tracker option is gives the borrower an opportunity to pay just 2.49% above the base rate, which means, if economic forecasts are correct, interest rates on a mortgage with Bovis and Barclays will remain at 2.99% until early 2011. These mortgages are another example of exclusive deals that can be found in the mortgage market, often unadvertised by mainstream lenders.
