Woolwich has cut the rate on Bovis Homes’ ‘Perfect 10’ mortgage package by 1.20 percentage points to 3.79%. The product is available at 90% loan to value (LTV).
The Perfect 10 product, which was launched almost a year ago, is a two year fixed rate, reduced from 4.99% and with an arrangement fee of £999.
After two years the rate reverts to a lifetime tracker at base + 2.99%, which equates to 3.49% at today’s Barclays Base Rate.
The deal is available on any new Bovis Home at all of the company’s developments across England and Wales.
The initiative, a partnership between Woolwich parent Barclays and Bovis Homes, also provides buyers with free three year unemployment protection insurance if they were to lose their job from the date of exchange and £500 towards their legal fees.
Andy Gray, head of mortgages for Barclays, said: “Slashing the rate enables more buyers to purchase a new home with just a 10% deposit at one of the most affordable rates since the recession. The deal also gives a measure of protection for customers