First-time
buyers who are trying to
find a mortgage now have a specially designed Britannia
mortgage to consider.
The
mortgage lender has announced that it will launch a three-year mortgage tomorrow, which is aimed specifically at first-time buyers.
Britannia offers a fixed
mortgage rate of 4.99 per cent on the mortgage deal. Potential
first-time buyers need not pay any fees for administration or arrangement.
There is no higher lending charge, which means that first-time buyers could save more than £600 in upfront fees.
"It is hard enough for first-time buyers to save for their initial deposit, without the additional worry of finding the money to pay for administration costs," comments Tim Franklin, the managing director of member
business at Britannia.
He says the fact that this
fixed rate mortgage is fee-free "removes the burden" of upfront fees from first-time buyers.
Mr Franklin adds that the mortgage lender has tailored this mortgage offering to suit the individual first-time buyer's requirements.
The mortgage has three tiers to choose from, depending on how much the first-time buyers has saved to put down as a deposit.
