Competition for first time buyers is improving lenders’ mortgage product ranges in lots of ways. The obvious things people look out for are interest rates and fees. But some lenders are also using special offers to attract new buyers.
Halifax, for example, says it will pay stamp duty for first time buyers, on houses worth up to £250,000. This is a re-launch of their scheme which ran last spring. Other lenders offer similar deals, or different sorts of cash-back offers.
These offers are a welcome development for everyone, but not because they’re automatically the best deal. They are signs that lenders are working to bring in new buyers and, as James said last week: they mean more choice in the market.
Aaron Strutt, from Trinity Financial summed up the situation pretty well:
“Halifax deals are always very popular, because they are such a huge presence and also do a massive amount of advertising,” he said.
“But they may not necessarily be the best deals if a borrower can get a deal with a significantly lower rate of interest elsewhere.”
We are excited by these expanding product ranges, and it’s our job to find the perfect match for your situation. So give us a ring, and we’ll start searching with you.