The mortgage created exclusively for first-time buyers will be available from 30 January 2004. It will be a Stepped Discount Tracker mortgage, following the Bank of England Base Rate until 31 March 2009.
First-time buyers will be able to borrow up to 95% of the property's loan-to-value - without the need for a mortgage indemnity guarantee premium. The administration charge of £249 payable up front - will be refunded upon completion of the loan and the loan also comes with free mortgage Payment Protection Insurance for one year.
For those applicants needing extra support getting a mortgage agreed, C&G will consider applications from first-time buyers supported by a guarantor - who is a close relation such as a long-term partner, parent or sibling.
C&G sales director, Nick Hale commented; "First-time buyers are finding it increasingly difficult to buy their first home and get on that all important property ladder. So our new First Time Buyer mortgage is aimed at giving them a helping hand.
"C&G's First Time Buyer mortgage is an attractive deal with a low starting rate of just 3.49% and additional features which include a refundable administration charge following completion and mortgage Payment Protection Insurance free for the first year - all with only a minimum 5% deposit and no mortgage indemnity premium."
