Openwork offers 90% LTV deal through Halifax
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Openwork is offering an exclusive two-year fixed-rate product from Halifax with a 90% LTV, aimed at home movers and first-time buyers.
Available only through Openwork’s ARs, the two-year product offers a rate of 6.49% with £500 cashback.
Paul Shearman, mortgage protection and general insurance proposition director, says: “This product could provide the ideal solution for borrowers looking to purchase at a higher loan to value and at a great rate from one of the UK’s leading mortgage providers.”
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Readers' comments (10)
Anonymous | 20 Apr 2010 5:15 pm
Yes but is it available for new build?
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Anonymous | 20 Apr 2010 5:30 pm
Unless the big lenders return to sensible lending aimed at first time buyers, they will not be interested in returning to the market.
For a major lender to charge 6.49% and borrow at 0.69% represents a huge profit.
Borrowers are better off saving an additional 5% and opting for oen of the many deals aimed at first time buyers below 4%.
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Anonymous | 20 Apr 2010 5:33 pm
Average house £220,000 mortgage would cost £16,000 pa Not many 1st time buyers have that to spend on a mortgage.
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Anonymous | 20 Apr 2010 6:22 pm
lenders still need to balance there lending sheets, but still its a move in the right direction as far as LTV goes.
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Paul Shephard | 20 Apr 2010 6:36 pm
" an ideal solution ... a great rate "
.... get real !!!!
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Anonymous | 20 Apr 2010 7:03 pm
Average house price £220K - current NPI and HPI state £165k ish and 85% deals available for FTB at below 4%, where from?
I agree though FTB's need better funding options than this to attract them to the market. I find it disgusting that banks that are funded by the state are allowed to make such large profit margins on possibly the most vunerable sector of the housing market.
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Anonymous | 20 Apr 2010 7:03 pm
Average house price £220K - current NPI and HPI state £165k ish and 85% deals available for FTB at below 4%, where from?
I agree though FTB's need better funding options than this to attract them to the market. I find it disgusting that banks that are funded by the state are allowed to make such large profit margins on possibly the most vunerable sector of the housing market.
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Anonymous | 21 Apr 2010 7:54 am
"borrow at 0.69%" - once again a complete lack of understanding about how mortgages are funded. Can we please try and be more professional and educated in our comments?
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Anonymous | 21 Apr 2010 9:47 am
Anon 7.54 - excellent point.
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Anonymous | 21 Apr 2010 11:46 am
Shearman thinks this is a good rate what planet is he on, FTB's are still being hit with ridiculous rates at higher ltv's, its almost impossible for ftb's to get going in the real world, just like the self employed thier mortgage market has shrunk beyond recognition, it's not fair - but does Gordon care?
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