An initial rate of 5.44% PA is discounted by 1.35% from Universal’s Standard Variable Rate (6.79% PA), which is guaranteed for the first three years. This will be followed by the Society’s Standard Variable Rate for the life of the loan. The overall cost for comparison is 6.9% APR.
The new mortgage also offers daily interest, up to 95% loan to value (LTV), valuation fee paid up to £200 and no application fee, plus no higher lending charge, making it a great mortgage deal. There’s no extended tie-in after the discounted period and borrowers will receive £200 cashback on completion.
Kevin Robinson, Universal’s Chief Executive, said: “In spite of a slight slowdown in the housing market, it can still be difficult for first-time buyers to afford become homeowners. Our new First Time Buyer mortgage is specifically designed to help people to purchase their first property, thanks to its 95% LTV ratio and abundant fees free features.”
