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Halifax launches First Homes products

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  • 03/02/2022
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Halifax launches First Homes products
Halifax has launched two first-time buyer products which can be used as part of the government's First Homes scheme.

 

The products include a two-year fixed rate at 2.12 per cent, and a five-year fixed rate at 2.13 per cent. Both have no fee and come with £250 cashback if green. 

The First Homes scheme launched in June last year. It aims to help key workers and other first-time buyers get on the housing ladder by allowing them to buy homes with up to a 30 per cent market price discount.

After the discount has been applied, the first sale must be at a price no higher than £250,000, or £420,000 in Greater London.

Lenders offering First Homes mortgages, all at around 90 to 95 per cent loan to value, include Chorley Building Society, Darlington Building Society,  Dudley Building Society, Leeds Building Society, Mansfield Building Society, Nationwide Building Society, Skipton Building Society and Newcastle Building Society.

The government has estimated that around 10,000 First Homes will be delivered across the country by 2027 and 2028.

Andrew Mason, head of strategic partnerships and housing said Halifax was committed to helping first-time buyers get on the housing ladder.

He said: “With our participation in the First Homes scheme, we are able to give extra support to key workers, who do so much for our communities. “

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