Mortgage News
Woolwich launches 90% LTV deal with Bovis Homes
Barclays’ mortgage subsidiary Woolwich has launched a 90% LTV two-year fixed rate deal available to people buying homes from housebuilder Bovis Homes.
The deal at 4.99% is aimed at helping to stimulate the new-build market.
After the initial two-year term, the mortgage will revert to a lifetime tracker of base rate +2.49% and has an arrangement fee of £999.
The product has been designed by insurance broking group Jardine Lloyd Thompson (JLT) in partnership with Barclays and Bovis Homes, with JLT providing buyers free unemployment protection for three years from the date of exchange.
Bovis Homes has also set up an insurance company to provide protection to Barclays and minimise additional risk associated with higher LTV mortgages.
