Skipton Building Society has launched a new mortgage specifically for first-time buyers. The new loan has an initial interest rate of 3.99 per cent fixed until 30 September 2006 and also offers borrowers a free valuation, free ASU cover for six months and 0.5 per cent cashback on completion.
After September 2006, the loan reverts to 4.95% which is the current variable rate with 0.75% discount through Society’s concessionary Mortgage Discount Scheme. It is available up to 95% LTV with free MIG up to 90% LTV and there are flexible benefits such as daily interest, overpayments and payment holidays. There is a £295 completion fee which can be added to the loan.
Jennifer Holloway, head of media relations, commented, "We recently carried out a study which showed that many first-time buyers are very confused about whether to get on the property ladder or not. The issue of what mortgage to get can add to their confusion. That’s why Skipton has designed this new loan to give guaranteed peace of mind for three years and a variety of suitable benefits, such as 0.5 per cent cashback on completion, a free valuation and free ASU cover for six months.”
