Linden Homes Offers 95 Per Cent Mortgage

Following the recent government announcement of its 95 per cent mortgage indemnity scheme for first time buyers, Linden Homes, who has offices based in Totton, has become the first housebuilder to launch a 95 per cent mortgage for people buying new houses at its developments across Hampshire.

‘Step Up’, which is exclusive to Linden Homes, offers affordable interest rates for buyers who have saved a five per cent deposit on houses at its developments nationwide.

The product offers a rate of 4.99%, fixed until April 2015, on a 95 per cent loan to value mortgage. Buyers with a 10 to 15 per cent deposit will benefit from even more attractive rates of 4.49 and 3.99% respectively, which are also fixed for the same period.

Matt Paine, Managing Director, said these exclusive new mortgage products are designed to work alongside the government’s measures to help thousands of people across the region 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 per cent lending to the market in certain areas of the country. Following the government’s recent announcement, we are thrilled to be the first housebuilder 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 housebuilding industry, but the wider economy. These new financial enablers, as well as our schemes launched earlier in the year, are just another example of Linden Homes’ commitment to easing pressures in the marketplace and to provide access to affordable lending.”

Alongside this, Linden Homes is launching a new mortgage product in association with Hitachi Capital (UK) PLC, 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 per cent of the purchase price. It works by the way of an unsecured top-up loan, whereby the buyer takes a 15 per cent unsecured loan to build on their five per cent deposit. Repayable over 12 years, the loan gives access to 95 per cent lending at a market-leading blended rate of 5.55%, available on houses and apartments up to £300,000. Borrowers can repay the loan at any time, without incurring a penalty.

Recently, the government axed stamp duty relief for first time buyers in favour of what it calls more effective measures that will provide greater value for money. These better value measures include its new initiative to make 95 per cent lending available to first time buyers from High Street lenders nationwide, which was announced by Prime Minister, David Cameron, from a Linden Homes’ development at the end of last month.

In September, Linden Homes launched a 100 per cent family guaranteed mortgage; ‘Easy Start’, an equity share scheme; ‘First Buy’, the Government-led equity share scheme and ‘Family Assist’, an unsecured top-up loan for parents to gift to their child .

-ENDS-

For further information, contact Naomi Wellman at Remarkable Public Relations on 01962 893 893.

13 January 2012

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