The lender confirmed the range of New Build products were up to 90% LTV and tailored to help first time buyers who are looking to buy a new build property.
The products also come without fees, therefore helping borrowers keep upfront costs low, while builder/developer incentives can be included within a deposit on the 85% LTV range.
The 90% LTV products are available with both two and five year fixed rate options. The two year is fixed at 3.89% (5.9% APR) and the five year at 4.10% (5.5% APR).
Meanwhile, the 85% LTV products are available at 3.04% (5.6% APR) fixed for two years or at 3.55% (5.1% APR), which is fixed for five years. Both products are fees free*.What’s more, significant changes have taken place to NBS’ lending policy and the maximum permitted LTV will now be dependent on a) the presence of Builders Incentives and b) whether the property is a new build house or new build flat as follows:-
New Build Houses
Where Builders Incentives are present: Max LTV of 85% Where no Builders Incentives are present: Max LTV of 90%
New Build Flats
Where Builders Incentives are present: Max LTV of 75% Where no Builders Incentives are present: Max LTV of 80%
Additionally, the mortgage offer for new build is now valid for up to six months instead of three.
Steve Urwin, Managing Director, Sales and Marketing, said: “The Society has supported First Time buyers for a number of years through our mortgage products with LTVs up to 95%. The launch of specific products for the new build market help will continue to support first time buyers and next time buyers in a market that has and is expected to expand in the next couple of years.
The products have been designed with a range of fixed rate terms to offer flexibility, as well as fees free and cash-back options to help keep upfront cost low for first time buyers.”
Product Information:
3.04% Fixed Rate fixed until 30.09.2017 followed by our Standard Variable Rate for the remainder of the term, currently 5.99% The overall cost for comparison is 5.6% APR *No Reservation Fee *No Completion Fee *Free Valuation (on properties up to £500k)
£300 Cashback (payable on completion)
Max LTV 85%
3% Early Repayment Charge until 30.09.2017
3.55% Fixed Rate fixed until 30.09.2020
The overall cost for comparison is 5.1% APR *No Reservation Fee *No Completion Fee *Free Valuation (on properties up to £500k)
£300 Cashback (payable on completion)
Max LTV 85%
5%, 4%,3%,2%,1% Early Repayment Charge until 30.09.2020
3.89% Fixed Rate fixed until 30.09.2017
The overall cost for comparison is 5.9% APR *No Reservation Fee *No Completion Fee *Free Valuation (on properties up to £500k)
£300 Cashback (payable on completion)
Max LTV 90%
3% Early Repayment Charge until 30.09.2017
4.10% Fixed Rate fixed until 30.09.2020
The overall cost for comparison is ? % APR *No Reservation Fee *No Completion Fee *Free Valuation (on properties up to £500k)
£300 Cashback (payable on completion)
Max LTV 90%
5%, 4%, 3%, 2%,1% Early Repayment Charge until 30.09.2020
