Bristol & West Mortgages help first time buyers get started

The number of first time buyers taking out mortgages in June 2007 has dropped by 4,000 on June last year, according to the Council of Mortgage Lenders.

Bristol & West Mortgages (BWM) understands the plight of many first time buyers and is delighted to launch a new campaign to help them onto the property ladder.

Four product options are available as part of this new campaign as follows:

4.5 x income

This discounted rate mortgage offers a generous 4.5 x income multiple on a sole income. It enhances first time buyers borrowing power by helping them raise sufficient capital to get onto the property ladder. The product is:

5.74%, 2 year, 2.10% discount off SVR (currently 7.84%) until 31/08/2009
7.9% APR
95% LTV
£699 arrangement fee
No extended tie in
HLC paid by Bristol & West Mortgages
ERC: 3% of the sum repaid until 31/08/2009. Part repayment admin fee: £50.

Low start rate

This low introductory rate provides help right from the start. It offers a low fixed rate for the first year, followed by a competitive fix for the following 4 years. It provides certainty of payments as well as potentially helping until first time buyers’ incomes grow. The product is:

4.99% 1 year fixed until 30/11/2008, followed by a 4 year fix of 5.99% until 30/11/2012, then SVR (currently 7.84%)
7.4% APR
95% LTV
£999 arrangement fee
HLC paid by Bristol & West Mortgages
5% of the sum repaid until 30/11/2012. Part repayment admin fee: £50

Fee Saver

This fee saver option helps by paying the arrangement, valuation and higher lending charge fees for first time buyers. By not having to pay for this initial outlay, customers can benefit from more spending money for their new home. The rate is fixed too, giving customers assurance that their mortgage payments won’t change for the first three years. The product is:

6.19%, 3 year fixed until 30/11/2010, then SVR (currently 7.84%)
7.7% APR
95% LTV
No arrangement fee
HLC paid by Bristol & West Mortgages
Standard Valuation Fee paid by Bristol & West Mortgages
3% of the sum repaid until 30/11/2010. Part repayment admin fee: £50
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2% Cashback

The final option also helps first time buyer customers by giving them a sizeable cashback. This can be spent on helping customers settle into their new home, paying for furniture or costs of decoration. The product is:

6.84%, 3 year fixed until 30/11/2010, then SVR (currently 7.84%)
8.1% APR
95% LTV
£599 arrangement fee
HLC paid by Bristol & West Mortgages
2% cashback, paid to the solicitor with the advance. Minimum loan £25,001
3% of the sum repaid until 30/11/2010. Part repayment admin fee: £50

Alison Pallett, MD of Consumer Lending, Bank of Ireland Personal Lending UK today said: "Bristol & West Mortgages understands the affordability problems that first time buyers are facing. Our new campaign is specially designed to help our customers get onto the property ladder. Whether they need extra cash up front, the benefit of assistance with fees, a low up front rate, or great income multiples, we are here to help. We have an excellent track record of offering innovative mortgage products to help customers into their first home. And Bristol & West Mortgage customers can now benefit from a slick process, by applying for their mortgage online.”

For more information, bristolandwestgetstarted.co.uk.