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Newcastle launches offset mortgage for first-time buyers

Newcastle has launched a fixed rate offset mortgage at 5.40% specifically to help first-time buyers get on the property ladder.

The guaranteed offset product has been designed for first-time buyers whose parents wish to offer financial support by linking a savings deposit to their child&#39s mortgage for five years.

The society says the product will enable parents to help their offspring purchase a more expensive property than they would normally qualify for. The parent or relative will also retain their funds at the end of the five years.

The mortgage offers a fixed rate of 5.40% for five years and has no completion fees.

Robert Hollinshead, chief executive at Newcastle, says: “We understand the problems facing first-time buyers, and that many parents or family members are desperately keen to help out. Offering cash is one way of doing this, but parents often tell us they would prefer to retain control of their money and to use it in a more tax-efficient way. We believe this product addresses these needs.”


BDS gets positive feedback from roadshows

BDS Mortgage Group has reported positive feedback from its recent roadshows, with 58% of delegates indicating their intention to go for direct authorisation. BDS has also announced the four winners of its competition to win tickets to watch the Euro 2004 England vs Croatia at a football evening to be held at Southampton Football Club. […]

AMI guide to FSA regulation

The Association of Mortgage Intermediaries has produced an intermediaryfocussed guide to FSA regulation. The 230-page guide, priced at £55, offers a practical and easy-to-read commentary on the new regime, giving a detailed explanation of the rules, the reasoning behind them and how they impact on the day-to-day business of mortgage advice. AMI and AIFA members […]

Serving more savvy and price-sensitive clients

Gary Lacey, group product manager, Norwich and Peterborough For well over a year the remortgage market has been extremely strong. Despite the recent drop in remortgaging the outlook for the market remains good as the likelihood of higher interest rates prompts borrowers to look for better deals. It is envisaged that Bank base rate could […]

Online valuations seen as most vital e-business development

Four out of five advisers claim online valuations are the most vital e-business development to help their business, research by 1st Software reveals. Following a period of rapid development by providers, portals and online adviser services, the poll revealed a positive picture of growing e-business usage amongst the adviser population. A surprisingly high 40% of […]


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