Newcastle Intermediaries has introduced a range of 95% loan to value (LTV) products with free legal fees designed for first time buyers.
As the Budget saw stamp duty for purchases under £300,000 abolished for new buyers, the lender has launched free legal products with the aim to make the home buying process even easier.
Borrowers can choose between a two year fixed rate deal at 4.25% (5.8% APR) or a five year fixed rate at 4.60% (5.6% APR). Both products include all standard legal costs, including Land Registry fees, Land Registry Priority Search, Bankruptcy Searches, Property Searches (such as Local Authority, Water and Drainage Fees) and VAT.
The range is available with no reservation or completion fees and the lender will also appoint an approved solicitor on the borrowers’ behalf to arrange completion of the purchase.
Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “We’re fully committed to helping first time buyers onto the property ladder and welcome the budget announcement this week, which will hopefully help even more people own their first home.
“These products, with the addition of inclusive legal fees, could be an ideal choice for first time buyers hoping to maximise their savings for their deposit by assisting with the upfront costs of buying a property.
“We understand that buying a home, especially a first home, is an exciting but daunting time and we hope to be able to make the experience much easier for borrowers.”