New mortgage deal could help first-time buyers

Brits who have invested in a bespoke conservatory in the hope of attracting buyers for their home may be interested to hear of a new product from the Mortgage Works.

The firm, which is a subsidiary of the Nationwide Building Society, has begun offering a guarantor home loan, which covers up to 30 per cent of the deal.

Launched earlier this month, the offers include a 75 per cent loan-to-value two-year fixed-rate mortgage, which comes with a rate of 4.99 per cent.

Alexander Hall chief operating officer Andy Pratt praised the move, suggesting that it shows "innovation" on the part of the mortgage provider.

He added that it could be a good way for first-time buyers to enter the property market and make buying a home a realistic prospect.

Mr Pratt noted that while the rates might not be the cheapest around, the offer is certainly an interesting one.

The expert added that he likes the way that the deal is set up in such a way as to respect that parents still have their own commitments.

Posted by Paul Steel