Three Newcastle First-Time Buyer Mortgages unveiled
www.moneynews.co.uk > Mortgages > Three Newcastle First-Time Buyer Mortgages unveiled
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Money News |
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Three Newcastle First-Time Buyer Mortgages unveiled
Tue 28th Feb 2006
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According to the National Union of Students, the academic year beginning September 2006 could see tuition fees rise 155 per cent from the current level and some students could end up paying more than £30,000 over the duration of their course.
With the average deposit on a typical first-time buyer property now estimated at £23,067 by Halifax, graduates could be at a "significant disadvantage" according to Newcastle.
The offer to be accordingly introduced is the 100 per cent mortgage, which offers a loan to value (LTV) of up to 100 per cent.
This has a rate fixed at 5.5 per cent until March 31st 2011, a maximum loan of £200,000 and early repayment charge of five per cent during the fixed period.
The Guarantor Mortgage is available to borrowers between 21 and 35 who are earning at least £15,000 per year, has a fixed rate of five per cent until March 31st 2011 with a matching early repayment charge and a maximum loan amount of £500,000.
An Offset Mortgage is also available, fixed at 4.79 per cent until March 31st 2008, with a maximum LTV of 85 per cent, an early repayment charge of three per cent in the fixed period and a maximum borrowing level of £500,000.
All of the Newcastle First-Time Buyer Mortgages have a completion fee – of £300 for the Guarantor and 100 per cent deals and £450 for the offset offering.
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