Cutting the rate of its three year fixed to 5.59% (from 6.29%) and five year fixed to 5.99% (from 6.49%) comes at a time when many buyers are desperately seeking ways to either get on the property ladder or move home, without direct parental support.
The BSA Property Tracker survey results, released on Wednesday, revealed that 94% of first-time buyer respondents stated that they would ideally buy before the time they reach 35 and 75% have the aspiration to become a homeowner in their twenties.
Mark Smitheringale, head of sales & marketing said, “The reduction in rates on these two products reinforces our commitment to supporting the home ownership aspirations of buyers with only a small deposit, across our wider East Anglia lending area, especially those who do not have the luxury of the bank of mum and dad to rely on.
“With the latest BSA Property Tracker results also showing that 69% of people see raising a deposit as a barrier to either home ownership or moving house, we are giving them the opportunity to do so with just a 5% deposit, extremely competitive interest rates and an application fee of just £599.”
