This mortgage, at 6.39 per cent fixed, has no fees, no higher lending charge, offers a free valuation (up to £335) and allows 10 per cent capital repayments each year without penalty. It is also available for situations where the purchaser needs a guarantor.
Jeff Kirk, corporate relationship manager, said: "Our new fee free fixed rate mortgage for first-time buyers is available up to 100 per cent loan-to-value (LTV). As well as a customer not having to incur any up front costs, they can budget effectively with certainty of payments and use a guarantor to increase their purchasing capability.
"This product provides an excellent alternative to shared ownership mortgages and should enable more first time buyers to get a foot on the housing ladder. They can also continue to benefit from this deal if they want to move home as, with all our mortgages, this product is also fully portable."
