Halifax extends 7 year product to NewBuy at 95% LTV

Halifax Intermediaries is to extend its new 7 year no product fee mortgage deal to all NewBuy customers. All Halifax NewBuy customers will be able to access the deal through the Halifax branch network and selected intermediaries.

Product details

5.89% fixed rate for seven years
Available to all NewBuy customers - up to 95% LTV
For first time buyers and homemovers
No product fee
No mortgage account fee
£500 cashback

Ian Wilson, Head of Sales at Halifax Intermediaries, said "We are already leading in the new-build market, and this offer will prove to be yet another compelling proposition for brokers' NewBuy customers. To supplement our unrivalled specialist new-build team, we now also have a much more competitive product. This will allow brokers to provide their customers - no matter whether they are first time buyers or homeowners - with longer term certainty at higher LTV.

"The long term nature of this deal will provide customers with the certainty of set monthly payments over a greater length of time; enabling potential buyers to purchase new homes they would have previously considered unattainable."

In addition, Halifax Intermediaries has reduced rates further this week in the 2 year higher LTV fixed product range by up to 0.20%.

Rate changes include:

80-85% 2 year fixed for homemovers and first time buyers reduced by 0.10% now starting at 4.79

75-85% 2 year fixed for remortgages reduced by 0.20% now starting at 4.89%

Halifax has been a firm supporter of the housebuilding industry, working alongside 23 of the UK's leading housebuilders through the NewBuy scheme, providing 1 in 3 mortgages in the scheme. Halifax also has one of the largest multi-user cell networks, ensuring that lower volume builders can also participate in the NewBuy scheme since joining the scheme in April 2012.

Originally launched last week, the 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.

A HM Treasury Spokesperson: "The Funding for Lending Scheme is helping ensure businesses get the finance they need to grow and create jobs, and that families have access to affordable mortgages. We welcome the news that Halifax is using the FLS to help people looking to get onto the property ladder at affordable rates."

For more information, visit halifax.co.uk.