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Platform and Barclays tweak first-time buyer products

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  • 24/06/2019
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Platform and Barclays tweak first-time buyer products
Barclays and Platform have made changes to their respective products designed for first-time buyers and those using the Help to Buy scheme.

 

Platform, the intermediary mortgage brand of The Co-operative Bank, has reduced the interest rate of its five-year fixed rate Help to Buy mortgages by 0.10 per cent.

The range is available up to a maximum 75 per cent loan to value (LTV) and over a maximum term of 40 years for first-time buyers and homeowners.

Highlights of the changes being made today include:

  • 2.04 per cent five-year fixed rate mortgage at 60 per cent LTV with a £999 arrangement fee;
  • 2.29 per cent five-year fixed rate mortgage at 75 per cent LTV with a £0 arrangement fee.

Platform head of intermediary distribution Neil Wyatt said: “At Platform we’re continuing to support the first-time buyer market by reducing select interest rates within our already competitive Help to Buy mortgage range.

“We are working with more and more broker partners as they look for the best value deal for their clients looking to buy their first home and we will continue to support and service brokers looking to place a Help to Buy mortgage with Platform.”

 

Barclays

Meanwhile, Barclays has improved its first-time buyer Family Springboard Mortgage by extending the fixed rate period from three years to five and the deal term from 25 to 35 years.

The lender said that in addition to a 10 per cent contribution from a relative or guardian, first-time buyers will also be able to borrow a larger sum due to the extended term.

Hannah Bernard, head of Barclays Mortgages said: “Barclays’ own research has shown that many first-time buyers view the money for a deposit as a ‘gift’ that doesn’t need to be paid back, therefore placing a significant levy on the bank of Mum and Dad.

“The Family Springboard mortgage has been specifically designed to remove the financial burden from parents and to ensure they receive their deposit with interest at the end of the five-year fixed-rate period.”

 

 

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