Larkfleet offers exclusive 2.39% mortgage deal
Residential property developer Larkfleet Homes has signed an exclusive deal with Melton Mowbray Building Society which will give qualifying buyers of Larkfleet properties access to a mortgage at just 2.39% interest for the first three years.
After the initial period the rate goes up to the building society's standard variable rate which is currently 4.99% - giving an overall cost over the life of the mortgage of 4.5% APR.
Larkfleet Homes managing director Karl Hick says: "This deal - which is not available from any other housebuilder - will help to keep repayments low during the crucial first few years of a mortgage, a time when house buyers' budgets are often most stretched. But the deal also offers an opportunity to pay off up to 10% of the loan during the first year with no early repayment charges."
The arrangement with Melton Mowbray Building Society is just one of the ways in which Larkfleet is seeking to assist people get onto or move up the property ladder. On several of its developments across the East of England and East Midlands it is offering the government's Help to Buy scheme.
The scheme allows homebuyers to potentially own 100% of their new home with just a 75% mortgage and 5% deposit. Homebuyers using Help to Buy receive an equity loan from the government for the 20% of the property value not covered by their deposit and mortgage. The equity loan is interest-free for five years and can be repaid at any time or on the sale of the home.
The Help to Buy scheme is available to first-time buyers and to current homeowners who are selling to buy a new home. There is no ‘cap' on household income in order to be eligible and there is no restriction on the number of bedrooms a property bought under the scheme may have.
Help to Buy is available on properties at Larkfleet's Abbeyfields development in Bourne (Lincolnshire), its Leighfield Park development in Oakham (Rutland) and The Coppice development in Deeping St James (Lincolnshire) - all of which are also offering the Melton Mowbray Building Society mortgage to qualifying buyers.