Halifax launches no fees FTB mortgage

The product has been specifically designed to help first time buyers by paying the fees on their mortgage, saving them at least £1986 on typical initial costs, according to Halifax.

Today's first time buyer typically pays a product fee of around £995, £506 on conveyancing costs, £240 on a valuation fee and around £250 on costs with setting up the mortgage such as a mortgage account fee, according to the lender.

Product details:

  • New 2 year fixed rate at 5.79% for first time buyers
  • Available up to 90% LTV
  • No fees – No product fee, No Conveyancing fees, No Mortgage Application Fee
  • A refund of valuation fee
  • Early repayment charge of 3% in year 1, 2% in year 2
Stephen Noakes, commercial director of mortgages at Halifax, commented: "First time buyers are an important part of the housing market and whilst they are benefiting from the best monthly mortgage affordability in over a decade, buying a first home has always been an expensive process where every penny counts.

“Providing support to first timers by paying the fees on this product means that buyers can put that money to use supplementing their deposit or purchasing furniture or white goods for their new home. We’re committed to offering our customers flexible and competitive products to help them achieve their home ownership ambitions."