New rewards with first time home buyer loans

Following the flurry of deals for first time home buyer loans on the market in line with the government’s help to buy scheme, Accord has now revealed even greater benefits soon to be on offer for its first time buyer clients. The lender has announced that it will now be offering an additional £500 cashback on all fixed rates at 90 and 95% loan to value (LTV) products for first time buyers, in line with its previously released first time buyer product range.

This comes in addition to a range of incentives available for selected fixed rate first time buyer products, designed to help keep down the upfront costs of buying a first home. These include up to £750 cashback (plus the extra £500 first time buyer exclusive), free standard valuation up to £695 and no product or mortgage application fee.

As far as these new offers are concerned, this now means that a first time buyer taking out a 5 year 95% LTV fixed rate product with £750 cashback, for example, will be able to receive an additional £500, taking the total cashback to £1,250.

Accord isn’t the only lender offering a range of fee-saver mortgage deals for first time buyers, as numerous lenders are now applying changes to their offers in a bid to help make the costly business of setting up home for the first time a little easier. Elsewhere on the market, Virgin Money has also now released a 5 year fixed rate stamp duty special product, which is available exclusively to first time buyers, for up to 95% LTV.

As these come with no product or application fee, Virgin Money’s offer equally offers £1,500 cashback for purchase customers, providing the ability to cover stamp duty charges on properties up to £200,000. This offer comes with a minimum loan amount of £118,000 and an early repayment charge of 5% of the outstanding balance.

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