Barrows and Forrester: FTBs pay £40k less than wider market average
The products are: a 5-year fixed rate at 3.59% at 90% LTV, with £495 product fee and free valuation, available for loans up to £500,000; and a 5-year fixed rate at 3.69% at 90% LTV, with £495 product fee and free valuation, available for loans between £500,001 and £600,000.
Jeremy Duncombe, director of intermediary distribution at Accord Mortgages, said: “Enabling buyers to secure their first home is crucial to market growth during the pandemic and since March we’ve helped more than 4,000 young people take that first step on the property ladder.
“Thanks to our underwriting team working incredibly hard to process the applications and the support we’ve received from brokers submitting well-packaged cases and using our online portal for updates, we’ve been able to manage our capacity and return to this currently underserved market in record time.
“We received really positive broker feedback for the last launch and whilst we know a more sustained approach is the ideal, by offering these highly sought-after products for shorter periods, we are confident we can maintain service levels whilst supporting first-time buyers on a more regular basis.”