First-time buyers have been buoyed by the announcement of a new initiative from the Halifax.
The banking chain has revealed that it is to offer 1% cashback to first time buyers across their product range. Therefore, all would-be homeowners taking out a approved mortgage from the Halifax will receive 1% of their loan back into their bank account within 30 days of opening their account.
More good news came with the news that the cashback will be available in conjunction with all Help to Buy products. This means that lenders can buy a property with a 5% deposit and still receive 1% cashback on the total mortgage cost.
Commitment
Craig McKinlay, mortgages director at the Halifax, believes that the announcement shows the organisations support for first-time buyers. McKinlay commented that, ‘giving first-time buyers 1% of their loan amount back when their mortgage completes further underlines our ongoing commitment to first-time buyers and gives practical help with things like moving costs.’[1]
Mr McKinlay continued by saying that, ‘one of Halifax’s key priorities for 2015 is to help more first-time buyers get on the housing ladder and with this offer Halifax is giving extra cash to help them out at what is an expensive time.’[2]
[1-2] http://www.propertyreporter.co.uk/finance/halifax-offers-ftbs-1-cashback.html