The Hinckley & Rugby Building Society is extending countrywide its mortgage for new build homes at up to 95% LTV (loan-to-value).
The mortgage was unveiled in 2012 for new build homes in the Midlands and the mutual is this week extending it to the whole of England and Wales.
Designed to particularly appeal to first time buyers, the mortgages are available for homes being sold by the housebuilders Barratt, Bellway, Bloor, Bovis, Gleeson, Keepmoat, Linden, Miller and Strata and are available through selected brokers only.
The two year discounted mortgage has an initial interest rate of 4.99%, a discount of 0.65% off SVR.
The arrangement fee is £395 and the completion fee £695.
The value of the mortgage above 80% LTV is insured by premiums paid by the housebuilder.
Hinckley & Rugby chief executive Chris White said: “This partnership approach to enabling first time buyers in particular to be able to buy new homes from developers has proved both popular and practical in the Midlands. We hope to help more people buy their first homes by extending the offer to the rest of the country.”
