Halifax ‘no fees' first time buyer mortgage

Halifax has launched a new two year, fee free, fixed rate first time buyer mortgage at 5.79%. The product has been specifically designed to help first time buyers by paying the fees on their mortgage, saving them at least £1986 on typical initial costs.

Today's first time buyer typically pays a product fee of around £995, £506 on conveyancing costs, £240 on a valuation fee and around £250 on costs with setting up the mortgage - such as a Mortgage Account Fee.

No other mainstream lender is currently offering first time buyers a similar no-fee deal.

Product details:

New 2 year fixed rate at 5.79% for first time buyers
Available up to 90% LTV
No fees - No product fee, No Conveyancing fees, No Mortgage Application Fee
A refund of valuation fee
Saving of at least £1,986
Early repayment charge of 3% in year 1, 2% in year 2

Stephen Noakes, commercial director of mortgages at Halifax comments: "First time buyers are an important part of the housing market and whilst they are benefitting from the best monthly mortgage affordability in over a decade, buying a first home has always been an expensive process where every penny counts.  Providing support to first timers by paying the fees on this product means that buyers can put that money to use supplementing their deposit or purchasing furniture or white goods for their new home.  We're committed to offering our customers flexible and competitive products to help them achieve their home ownership ambitions."