Friday, March 4, 2011
FTBs of the world rejoice!
Connells steal a march with 95% mortgage for FTBs
Connells has stolen a march on competitors by announcing a 95% mortgage, exclusively available through its branches and aimed at first-time buyers. The announcement comes hot on the heels of Northern Rock unveiling the launch of a 90% mortgage. The Connells mortgage is being made available through its parent company, Skipton Building Society. The two-year fix for the 95% loan is not cheap, however, at 6.49% – more than 12 times current base rate. A new 90% two-year fixed deal is also offered, again exclusively through Connells, at 5.89%
Posted by sibley's b'stard child @ 12:25 PM (1570 views)
7 thoughts on “FTBs of the world rejoice!”
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richy richless says:
Will the sheeple be suckered in though? The high LTV deals are coming back but has sentiment changed in the press and FTBs?
alan says:
A 95% loan for 2 years!
How will that look in 2 years time when the fix expires? If House Prices drop over 2 years by (say) 12% as result of the interest rate rises and being in nequity?
Its only OK if you are expecting a rich aunt to die and leave you a fortune (or robbing a bank).
sibley's b'stard child says:
Exactly Alan, I posted as much on their comments, my Cockney squire….
alan_540 says:
It’s Cockney sparrow sibs… Pedant corner here.
miken says:
The (all too late) sheeple are the ones now trying to sell en mass. No FTB will want to buy when prices are collapsing. So who cares that 95% debt trap loans are available?
ianbe says:
It’s hardly exclusive to Connells. William H Brown (Sequence group) are offering the exact same deal.
sibley's b'stard child says:
Thanks Alan_540 although I resent being out-pedanted.