New Halifax mortgage for first-time buyers

A new Halifax mortgage has been launched aimed at the first-time buyer market. Halifax's new 2 year fixed rate mortgage is offered to first time buyers at 5.99 per cent for 85 to 90 per cent LTV and is fee free.

In 2011, Halifax launched a number of other first-time buyer initiatives, including their First-Time Buyer Pledge, specifically designed to help first-time buyers in 2012. First time buyers typically pay a product fee of around £995. First-time buyers accepting a new Halifax mortgage deal will not only have their product fees waived but will also receive £500 cashback. The cash back can be a real incentive for borrowers who can use it to help pay additional costs, such as conveyancing and valuation.

Stephen Noakes, Mortgages Director at Halifax, comments: "Housing affordability is at an eight-year high for first-time buyers at the moment, largely as a consequence of the fall in house prices since 2007. However, buying a house has always been an expensive process and for first-time buyers every bit of help counts. By waiving the fees on this product, and offering £500 cashback, we can give first-time buyers the chance to put that money towards supplementing their deposit or purchase some essentials for their new home".

In addition to the £500 cashback offer available to all successful Halifax mortgage first-time buyers, the lenders Current Account customers will receive a further £150 cash back on completion.