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Barclays launches new FirstBuy tracker mortgages

Tuesday, 19 July 2011 3:04 PM

Barclays has launched its lowest-ever fixed-rate mortgage and introduced two deals to support the Government’s FirstBuy scheme.

First-time buyers purchasing a house under the FirstBuy scheme will now have a choice of a Woolwich three-year fixed-rate mortgage at 4.59 per cent or a five-year fixed rate at 5.49 per cent, the bank said today.

Both come with a £299 application fee and revert to a lifetime tracker at base plus 2.99 per cent after the fixed period.

The bank has also reduced rates on over a third of its Woolwich fixed and tracker mortgages by up to 0.5 per cent.

Housing Minister Grant Shapps launched FirstBuy last month to help get people on property ladder by tackling the need for large deposits.

The scheme will see the Government and developers jointly offering buyers a 20 per cent equity loan which, alongside a five per cent contribution from the buyer, will enable them to put down a 25 per cent deposit and take out a 75 per cent mortgage.

Loans will need to be repaid on resale of the property, with the Government's share available for reinvestment in more affordable housing.

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