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Posted by Let Alliance on September 3, 2012
Aldermore has become the sixth lender to join the government’s NewBuy scheme, offering 2 and 3-year fixed rate mortgages at 5.48% from today.
Initially, Aldermore will be making its NewBuy products available via Fairview New Homes Ltd, which has developments located throughout the South and East of England.
The full status loans are available up to 95% LTV. Gifted deposits are acceptable from close relatives and full gifted deposits are acceptable for first-time buyers, subject to evidence of 12 months continuous rental payments, said Aldermore.
Loans cover valuations between £75,000 and £500,000, with capital and interest loans for house purchase. Repayment periods are up to 25 years.
Charles Haresnape, managing director of Aldermore Residential Mortgages, said: “NewBuy is one of a number of initiatives designed to help breathe life into a moribund housing market and we look forward to rolling out the scheme with additional builder partners over the coming months.”
Housing Minister Grant Shapps added: “I’m delighted that Aldermore will now be offering mortgages through the innovative NewBuy Guarantee, which is ensuring more and more aspiring homeowners are getting the help they need onto the property ladder.
“NewBuy now covers nearly three quarters of the mortgage market, but I want to go further and see more lenders following their example by signing up to ensure even more of those looking to buy newly-built homes are able to do so with just a fraction of the deposit they would normally require.”