Mortgage broker Mortgage Talk has joined forces with the Barnsley Building Society to launch an exclusive discounted rate mortgage deal.
'The New Homes Discount Rate' product is only available to Mortgage Talk clients looking to purchase new homes in the Yorkshire, Lincolnshire, Nottinghamshire and Derbyshire areas.
On a LTV ratio up to 75%, the New Homes Discount Rate product offers a reduction of 2% on the Barnsley Building Society SVR for three years. On loans over 75% LTV the discount is 1.5% off the SVR. The New Homes Discounted Rate product offers free administration, a free high percentage loan fee (mortgage indemnity guarantee) and is portable between properties.
The maximum LTV ratio is 90%, with a minimum loan amount of £60,000 and maximum borrowings of £250,000. Part redemption and capital payments are allowed without penalty, provided that these do not exceed 25% of the original loan amount.
Andy Frankish, new build manager at Mortgage Talk, says: “We were looking for an attractive discount mortgage package to offer to our new homes customers. When we discussed this with The Barnsley, we found that they could offer exactly what the market was wanting. And, with the upward pressure on interest rates now receding, this discount offer looks set to be a big seller in our portfolio of mortgage products.”
Robert Davies, general manager at Barnsley Building Society says: “Mortgage Talk's excellent new build connections have already provided it with a strong representation at the quality end of the new homes market.
“We are confident that, by supporting them with attractive products available in our geographical area, both Mortgage Talk and Barnsley Building Society customers will benefit from even lower rates and excellent standards of service.”