With mortgage arrangement fees almost doubling in the past year, First time buyers will have the chance to get their foot on the property ladder - for free.
The scheme, which is running throughout May at Spicerhaart's first time buyer events, will help people that are struggling to get their deposit and purchase costs together - even though they can afford mortgage repayments.
All first time buyers that buy a property through Spicerhaart and take out a mortgage from Mortgages Direct during May will be reimbursed £199 of any upfront costs, whether that is valuation fee, arrangement fee, or legal fee, once the property is sold.
Peter Gladdy, Director of Mortgages Direct says: "We believe that many potential first time buyers are unaware of the wide range of mortgage options that are currently available to give them that much needed assistance to get onto the property ladder and we hope that this extra incentive of reimbursing part, or in some cases all, of their costs will provide that extra motivation to obtain professional advice and find out more. Our message to first time buyers is simple - If you have little or no deposit or perhaps your annual income is lower than the average, don't worry because help is at hand."
Gladdy continued "This is a great opportunity for first time buyers to get a foot on the ladder. With arrangement fees creeping up over the last year, it is an extra cost that many first time buyers struggle to meet. This initiative is the perfect answer for many young people that feel they are unable to purchase a property because of not only the large deposit but the additional up front costs they are required to raise."
Mortgage deals that will be on offer at the first time buyer events, include a move in for £199 mortgage deal, where homeowners can borrow up to the lower of 4.3 times their salary or 125% of the value of the property at a fixed rate of 6.39% (the overall cost for comparison is 6.80%APR), for up to five years, with a booking fee of £199.
Peter Gladdy added: "This really is sensible lending as this mortgage deal addresses the most important criteria for lending - whether the buyer is able to cover the repayment costs rather than if they can raise a sufficient deposit."
The First Time Buyer events will take place at all Spicerhaart branches, including Haart, Spicer McColl, Darlows, and Felicity J. Lord, throughout the UK during May. To find out when the event is taking place in your area please contact Sara Groves on tel: 08451 202033 or email her at: [email protected].
