Woolwich offers 90% LTV deal for Bovis home buyers
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Woolwich has launched a 90% LTV mortgage for consumers buying a new home from house builder Bovis Homes.
The deal, designed by insurance broking specialist Jardine Lloyd Thompson in partnership with Barclays and Bovis, will also provide buyers with free unemploy-ment cover for three years from the date of exchange. The mortgage is fixed at 4.99% for two years for loans up to 90% LTV.
After two years it reverts to a lifetime tracker at Bank of England base rate plus 2.49%, which equates to 2.99% at today’s level. The arrangement fee is £999.
Andy Gray, head of mortgages at Barclays, says: “We are starting to see competition and consumer confidence returning, and believe this product offers the right level of rate, fixed for the first two years. This ensures buyers with limited equity know what their payments will be in the early years.”
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