95% Mortgage Indemnity Scheme on New Linden Homes
Linden Homes launches first nationwide 95% mortgage indemnity scheme Linden Homes has become the first house builder to launch a 95% mortgage for people buying new houses at its developments anywhere in the country. The deal is one of a host of new mortgage products designed to dovetail with the Government’s 95% mortgage indemnity scheme for first time buyers. Government has pledged to underwrite 95% mortgages to revive the housing market. This will apply to all new build properties whether a first time buyer or not. Linden’s new product known as Step Up offers affordable interest rates for buyers who have saved a 5% deposit on its new homes anywhere in the country. The product offers a rate of 4.99%, fixed until April 2015, on a 95 % loan to value mortgage. Alongside this, Linden Homes has launched a new mortgage product in association with Hitachi Capital (UK), which has been created to help buyers bring a bigger deposit to the table when applying for a mortgage. Named Deposit Assist, the product means buyers can secure up to 15% of the purchase price. It works by the way of an unsecured top-up loan, whereby the buyer takes a 15% unsecured loan to build on their 5% deposit. Repayable over 12 years, the loan gives access to 95% lending at a market-leading blended rate of 5.55%, available on houses and apartments up to £300,000. Ian Baker, Linden Homes group managing director, said the exclusive new mortgage products were designed to work alongside the government’s measures to help thousands of people struggling to access affordable lending – particularly first and second time buyers. He said: “At Linden Homes, we have been working hard with a number of lenders to bring 95% lending to the market in certain areas of the country. “Following the government’s recent announcement, we are thrilled to be the first house builder to launch an affordable mortgage product for first and second time buyers at our developments, which will now be available nationwide. “Affordable, responsible lending is critical in helping to boost not only the house building industry, but the wider economy.” Click here for more information and news from Modern Masonry Alliance.
Borrowers can repay the loan at any time, without incurring a penalty.
