Barclays has announced the launch of its New Build range, now with 2 and 5 year fixed rates as well as a 2 year tracker available from 2.04% up to 85% loan to value (LTV). Barclays will also be introducing a selection of new residential mortgage products as well as reducing rates on a further 13 mortgage products.
Following the lender’s recent announcement, Barclays new build mortgage range will be supporting the new Help to Buy London scheme that is set to launch in February this year. As such, it has been improving its Help to buy mortgage range, now offering 2 and 5 year fixed rates and 2 year trackers available from 1.85% at 75% LTV.
Designed to help hard-working first time buyer’s achiever their goal of home ownership, Barclay’s efforts to assist first time buyers has come into action alongside the news that soaring house prices rose by a record £9 per hour in 2015, which marks a 938% increase over the past 20 years. The gap between income and house prices is currently at its widest in London, making lenders increasingly committed to supporting the government’s help to buy schemes.
Elsewhere, Santander has equally been lending a helping hand to first time buyers, now introducing its exclusive first time buyer high LTV fixed rate product range. These include an 85% LTV 5 year fix at 3.14%, a 90% LTV 2 year fixed 2.59% rate and a 90% LTV 5 year fix at 3.49%. The latest products all come with a £999 booking fee, which can be capitalised on products with a 90% LTV, including Santander’s Homebuyer Solution which offers free valuation on properties up to £2.5m with £250 cashback on completion, as well as being added to its existing first time buyer exclusive products released in November 2015.
The lender’s 90% LTV 2 year fixed product with no fee has now been withdrawn.