Halifax launches 7 year mortgage up to 90% LTV

Halifax has launched a new 7 year, no product fee mortgage deal.

The new product is being introduced as part of Halifax's campaign to help first time buyers onto the housing ladder. The new mortgage comes with no product fee, and customers are eligible to receive £500 towards their moving costs as part of our current offer on all first time buyer and homemover products.

Product details

5.89% fixed rate for seven years
Available between 85-90% LTV
For First Time Buyers only
No product fee
£500 cashback

This new longer term high LTV mortgage deal was made possible as a result of Halifax's participation in the Government's Funding for Lending scheme - an initiative introduced to stimulate the UK housing market.

Stephen Noakes, Mortgage Director, Halifax, comments: "There is no question that first time buyers have to overcome major hurdles to join the property ladder; but this product has been designed specifically with them in mind. With a 10% deposit, the certainty of monthly payments over a long period, the removal of product fees and £500 cashback at a time when they need it most; this offers a real solution for aspiring homeowners." 

First time buyer commitments

Earlier this year Lloyds Banking Group announced the UK's largest commitment to first time buyer lending, confirming it will lend £5bn to first time homeowners by the end of 2012. Strengthening its support through the launch of this new first time buyer product, the Group, with the support of the Government's Funding for Lending scheme, is committed to lending £500m of funding at even more competitive rates.

In the first six months of the year, the Group helped over 25,000 people take their first steps onto the property ladder and this pledge will help over 50,000 people buy their first home by the end of 2012.

Halifax's first time buyer commitments provide one of the most comprehensive product propositions in the UK mortgage market:

One in three mortgages on affordable housing schemes are provided by Halifax, including shared ownership and shared equity.

Halifax provides more than 25% of funding for the NewBuy scheme, working alongside 23 housebuilders, more than any other lender.

A maximum loan to value ratio of 90% on the Halifax core product ranges, including on selected new build properties.

Innovative product design including refund of valuation fee on failed purchases through Halifax.

For more information, visit halifax.co.uk.