The Perfect 10 is a 90% LTV two year fixed-rate product. The rate has been reduced from 4.99% to 3.79% with an arrangement fee of £999 and after two years the rate reverts to a lifetime tracker at base + 2.99%.
The deal is available on any new Bovis Home at all of the company’s developments across England and Wales.
Andy Gray, head of mortgages at Barclays, said: “Slashing the rate enables more buyers to purchase a new home with just a 10% deposit at one of the most affordable rates since the recession. The deal also gives a measure of protection for customers. Barclays and Bovis Homes is a testament to our commitment to get lending at 90% levels on the right track but in a way which is sustainable in the long term.”
David Ritchie, chief executive at Bovis Homes, said: “In the current climate house builders can't just be about bricks and mortar and they can't sit back while homebuyers battle to raise the funds for a new home. We've been striving to find ways to help them move and this big cut in the initial two-year rate offers homebuyers a superb opportunity to get in there and snap up their dream home.
“The Perfect 10 has always been a great solution for people struggling to get a deposit and now it is even better. We want to buck the lending trend that has left many people frozen in or out of the market and hopefully this rate cut will bring the bit of sunshine people need to get them moving.”
