Mortgage Rate & Home Loan News: Halifax launches no fee mortgage for first-time buyers

Halifax has announced plans to help first-time buyers get a foot on the property ladder with a new fee-free mortgage.

The home loan, which lasts for two years and has a fixed interest rate of 5.99 per cent over this period is available to those with a deposit of between ten and 15 per cent of their new home's value.

With mortgage fees typically adding up to around £995 the loan is certain to seem attractive to first-time buyers looking to save a bit of cash.

For the bank's current account customers there will be an additional £150 cash-back bonus on completion of the mortgage.

"Buying a house has always been an expensive process and for first-time buyers every bit of help counts," commented Halifax's mortgage director Stephen Noakes.

Last month, Leeds Building Society also offered a helping hand to first-time buyers in the form of a mortgage with a five-year fixed rate at 4.94 per cent with 95 per cent loan-to-value.

Mortgage Rate and Home Loan News