Our latest mortgage initiative targets first-time buyers as the ‘engine room of regional recovery’
Just a fortnight after stepping in to help self-employed people ‘bounce back from the effects of the COVID-19 pandemic, we are offering a lifeline to those in our region wanting to step onto the housing ladder for the first time.
We are among only a handful of lenders to offer a 90 per cent loan-to-value (LTV) deal to first-time buyers as the region gradually exits lockdown.
And, as the only independent building society in East Yorkshire, we are offering the new 10 per cent deposit borrowing opportunity exclusively to people in the Hull and the East Riding.
This follows hot on the heels of the Government's announcement, last week, of a Stamp Duty freeze on property purchases up to £500,000, as it pushes to kickstart the UK housing market, which is so integral to post-COVID economic recovery. It also chimes with significant housing development across the East Yorkshire region as part of the Government's national housing strategy, including East Riding Council's approval of the latest plans by Lovel Developments to build a further 400 new homes south of the town.
Our Head of Lending Graham Carter explained that this, and other recent initiatives, are tied in with our ‘building better futures' strategy, which is all about continuing to fulfil our original mutual purpose of helping people - particularly those in its region - to own their own homes.
"This is the latest example of how the Beverley is going against the tide to help people others won't, including those with lower deposits or more complex circumstances," he explained.
"In the same way, we offer support to people wanting to borrow in later life, those building their own homes and others looking to help family members purchase their desired homes."
Graham added: "In our region - and indeed nationally - there is an urgent need for economic recovery, given the impact of the COVID-19 coronavirus pandemic. We want to play our part in that and we know that first-time buyers are the engine room of the housing market because, without them, buyer/seller chains fall down and nothing moves.
"We're acutely aware that, because of COVID, the supply of mortgages for people with lower deposits has dwindled to virtually nothing, so we thought we'd step back into that arena and, if this limited offer proves popular, we may consider future tranches."
First-time buyer product details at a glance
Fixed and variable rates available up to 90 per cent LTV (10 per cent deposit)
3.19 per cent for two-year fixed/variable version
3.49 per cent for three-year variable version
Will consider family-assist arrangements, with gifted deposits or guarantors in place
Exclusively available to people buying in East Yorkshire.
Terms and conditions apply. More details about these and other Beverley Building Society mortgages are available via our website, telephone or visiting our town centre branch. Anyone wishing to apply for any mortgage from Beverley Building Society should seek advice from one of our skilled mortgage managers, who will provide recommendations suited to their individual circumstances.
To find out more about this, our self-employed initiative or the mortgage help we are able to offer in general, contact our mortgage team via email or by calling (01482) 881510.