Hinckley & Rugby Building Society has launched a first-time buyer mortgage for properties in the Midlands.
Its two-year discounted mortgage is available up to 95% LTV at a rate of 4.99%, a reduction of 0.65% from its SVR. The product will only be available on properties in the region which are being sold by Barratt, Bellway, Linden Homes and Miller Homes.
The arrangement fee is £399 and the completion fee £695.
The lender says it is able to offer mortgages up to 95% LTV due to its deal with the quartet of housebuilders, who pay insurance premiums on the value of the property above 80%.
Chris White, chief executive at Hinckley & Rugby, commented: “We hope to help more people buy their first homes.
“This is a partnership approach to enabling first time buyers in particular to be able to buy new homes from developers in the Midlands.”
