The Mortgage Lender has introduced its first range of Help to Buy mortgages for borrowers buying a new build home in England, Wales and Scotland.
Products are available to the whole of market and across Real Life (RL) categories one to six. There is a maximum loan to value (LTV) of 75% with a minimum 5% borrower deposit.
Rates start at 3.64% for a two-year fix.
There is a free valuation across the range and a completion fee of £995 for RL 1 to 4 and £1495 for RL 5 and 6.
The Help to Buy: Equity Loan scheme offers borrowers a government funded deposit of up to 20% for properties in England, Wales and Scotland and 40% in London. The deposit, or equity loan has no repayments for the first five years of the loan.
The scheme is available to buyers of new build properties where the developer is a registered Help to Buy home builder.
Peter Beaumont (pictured), The Mortgage Lender’s deputy chief executive, said: “Help to Buy has opened up the new build property market to a whole new generation of homeowners and it’s working.
“For us it’s an area of the market that fits who we are as a lender. We want to help people live in the home they can afford and be pragmatic about borrower circumstances, understanding that life doesn’t always move in the ways we expect.
“Our Help to Buy range gives brokers a competitive and flexible product range that is tailored to the needs of their customers.”