Available from today, all Halifax NewBuy customers will be able to access the deal through the Halifax branch network and selected intermediaries.
Product details
- 5.89% fixed rate for seven years
- Available to all NewBuy customers - up to 95% LTV
- For first time buyers and homemovers
- No product fee
- No mortgage account fee
- £500 cashback
Stephen Noakes, Mortgage Director, Halifax, comments:
"As the leading lender in the new-build market, we're pleased to be able to offer this longer term product to all of our NewBuy customers. This seven year fixed rate mortgage provides the certainty of set monthly payments over a greater length of time.
"By offering a much more compelling deal, we are putting the purchase of a new-build homes back within the grasp of both first time buyers and homemovers, while increasing our support for the NewBuy scheme; hopefully giving a much needed boost to housing supply."
Originally launched last week, the new longer term high LTV mortgage deal was made possible as a result of Halifax's participation in the Government's Funding for Lending scheme - an initiative introduced to stimulate the UK housing market.
Halifax has been a firm supporter for the housebuilding industry, providing 1 in 3 mortgages in the NewBuy scheme, working alongside 23 housebuilders, more than any other lender since joining the scheme in April 2012.
Halifax work with a number of builders through the NewBuy scheme, including the UK's leading and largest builders. In addition to this, Halifax has also one of the largest multi-user cell networks, ensuring that lower volume builders can also participate in the scheme.
A HM Treasury Spokesperson commented:
"The Funding for Lending Scheme is helping ensure businesses get the finance they need to grow and create jobs, and that families have access to affordable mortgages. We welcome the news that Halifax is using the FLS to help people looking to get onto the property ladder at affordable rates."
