Jardine Lloyd Thompson (JLT) has unveiled a new scheme to provide increased mortgage lending availability to first-time buyers and others with small deposits who wish to buy new homes built by Bovis Homes Ltd.
‘The Perfect 10’ mortgage scheme has been set up with Barclays and will allow the bank to offer to Bovis Homes customers a two-year fixed rate of 4.99% at 90% LTV.
The package also includes unemployment insurance for the buyer. As long as they meet the scheme’s eligibility criteria, buyers receive three years unemployment protection from the date of exchange. This means that if they lose their job at any time during the three years, they can expect their mortgage payments to be met for up to 12 months.
It is hoped that the scheme will be replicated for other housebuilders in the UK.
Steven Rance, partner at JLT Lending Risk Solutions, said: “Bovis Homes and Barclays were the first companies to recognise the potential benefits for homebuyers in the current market.
