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Boost for first-time buyers

19 May 2004
A new mortgage deal aimed specifically at first time buyers has been co-launched by the Woolwich and Barclays.

The new plan offers new buyers a discounted rate of 1.7 per cent off the variable rate for three years.

On top of this, money saving incentives include an initial rate of 4.34 per cent, £250 cash back, no mortgage indemnity fee and a reduced application fee of just £100.

It is hoped the scheme with its money saving potential will help to give first timers a boost up onto the first rung of the property ladder.

The head of mortgages for Woolwich and Barclays, Andy Gray, says this package will save first time buyers £1,810 in start-up costs.

In addition to the launch of this new product, Woolwich also offers a package for families. This scheme, entitled Offset Together, helps to reduce the child's mortgage payments by the parents offsetting their savings against the mortgage.

The mortgages on offer from Woolwich and Barclays give borrowers a choice of rates and re-mortgage deals. Among the list are fixed, discounted and tracker schemes.