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First Homes Mortgages
We are supporting the Government First Homes scheme, a form of affordable housing designed to help local first-time buyers and key workers across England to own their own home.
Our mortgages
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Government First Homes Scheme - 2 Year Discount 95% LTV
Initial Interest Rate
5.74%
Maximum Loan To Value (LTV)
95%
Overall Cost for Comparison
7.70%
Product Code
DP222
The following is a representative example based on a mortgage of £216,634.00 payable over 25 years initially on a discounted variable rate of 5.74% for 2 years, a further discounted variable rate of 7.04% for 4 years, followed by our Standard Variable Rate of 8.29%. In this example you would make 24 monthly payments of £1,361.55, 48 payments of £1,526.22 and 228 monthly payments of £1,671.49.
The total amount payable would be £487,909.48 made up of the loan amount plus interest of £270,401.48 and the following costs, a Scheme Fee of (£599.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£200.00), and a Mortgage Exit Administration Fee (£50.00).
The overall cost for comparison is 7.7% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.