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Banks cut mortgage rates for first-time buyers

Tuesday, 18 October 2011 11:24 AM

Two more banks have cut their rates for first-time buyer mortgages.

Clydesdale and Yorkshire Banks, which are owned by National Australia Bank Group, claim to be among a handful of lenders still offering 95 per cent mortgages and say they are committed to helping people get on to the property ladder.

The reductions apply to three-year fixed rate mortgages. A borrower taking out a 95 per cent mortgage would pay 6.19 per cent rather than 6.99 per cent with the fee remaining at £599.

A customer looking for a 90 per cent loan has a choice of paying 5.49 per cent (down from 5.99 per cent) with a fee of £599 or 5.69 per cent (down from 6.29 per cent) with no fee.

Steve Reid, retail director for Clydesdale Bank, said: "We know that buying your first home can be difficult and we are one of only a few lenders who remain committed to offering 95% LTV mortgages.

"In addition to offering a competitive range of mortgages and appropriate insurance, first time buyers are also given support throughout the whole process and can save a deposit with our Regular Home Saver Account."

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