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Openwork offers 90% LTV deal through Halifax

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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  • Paul Cuthbertson 21st April 2010 at 11:47 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?

  • Paul Cuthbertson 21st April 2010 at 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?

  • Paul 21st April 2010 at 9:47 am

    Anon 7.54 – excellent point.

  • JR 21st April 2010 at 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?

  • Simon Charles 20th April 2010 at 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.

  • Paul Shephard 20th April 2010 at 6:36 pm

    ” an ideal solution … a great rate ”
    …. get real !!!!

  • Darren Barrett 20th April 2010 at 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.

  • jonathan hammond 20th April 2010 at 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.

  • Avenue & Co Private Finance 20th April 2010 at 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%.

  • hurst independent 20th April 2010 at 5:15 pm

    Yes but is it available for new build?