The First Time Buyer Three-Year Stepped Discount product combines competitive rates – as low as 3.09% in the first year – with several attractive features including no mortgage indemnity guarantee (MIG) charge.
The discount rates are:
Year Discount Current rate
1 2.50% 3.09%
2 1.00% 4.59%
3 1.00% 4.59%
Key features include:
The ‘standard’ mortgage valuation fee can be added to the mortgage if requested (provided total borrowing is less than 95% LTV after adding fee).
There are early repayment charges (ERCs) within the stepped discount period - year one: 3.00%, year two: 2.50%, year three: 2.00%. There are no ‘over-hanging’ ERCs once the discount period has ended.
Tony Capon, Head of Intermediary Support and Development at The Derbyshire, says: “This competitive product seeks to help first time buyers at an important time when they are faced with so many other costs in setting up a new home.
“To help people get a foot on the housing ladder we are particularly pleased to be able to offer this product with discounted rates in the early years, no MIG charge and with borrowing available up to 95% LTV.”
Further information on The Derbyshire’s range of mortgages and full lending criteria are available by calling the Intermediary Support Team on cheap rate 0845 607 5050 or visiting the website www.is.thederbyshire.co.uk.
Rates correct as at time of news release.
Ends. 12 May 2003
