Bairstow Eves welcome new exclusive mortgage product launched by Countrywide – designed with first time buyers in mind (From St Helens Star)

Bairstow Eves welcome new exclusive mortgage product launched by Countrywide – designed with first time buyers in mind

11:18am Monday 27th July 2009

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Countrywide Mortgage Services, the UK’s largest mortgage broker, is today launching an exclusive mortgage product, designed with first time buyers in mind, which is available through Bairstow Eves in Bolton.

At a time when many mortgage customers require a 20 or 30 percent deposit, Countrywide has unveiled a mortgage product that requires only ten percent deposit in the market. The five year exclusive mortgage product has a 90 percent loan to value (LTV) available for first time buyers struggling to raise a deposit.

The news comes as Countrywide Mortgage Services reveals the popularity of longer term fixed mortgage deals, as speculation over future interest rate rises.

As concern over the recovery of the economy continues, Countrywide’s research indicates that more customers are opting to secure themselves with a longer term fixed rate in order to shelter themselves from the risk of any sudden changes to the mortgage market.

In the month of June, 6 of Countrywide’s top 10 mortgages sold were 3-5 year fixed rate deals - a strong indicator that longer term fixed products are in most demand.

Stuart Pearson, Branch Manager of Bairstow Eves said: "We're pleased to see Countrywide launch innovative mortgage products that reflect what our customers want. We have a team of professional Mortgage Consultants ready to talk about exclusive products you won’t find elsewhere on the high street."

Unlike many mortgage products, this month’s exclusive deal has no arrangement fee and includes a £500 cash back incentive, which significantly reduces the cost of moving. The cash back offer is available for a limited time period and provides an opportunity for customers to save, furnish their new home or settle other costs in the home moving process, like surveyor fees and legal costs.

Countrywide Mortgage Services employs nearly 800 consultants across the country with a team of consultants based throughout Bairstow Eves offices.

Martin Tivnan Financial Services Director, said: "Buyers with small deposits have found it particularly difficult to take advantage of reduced house prices and a majority of mortgage products available to first time buyers over the last quarter have required a 15- 25* percent deposit on average - which has been unobtainable for many. There are a number of opportunities and products available for first time buyers, local home movers and landlords looking to invest and enjoy a bigger return than their savings account can provide. Our advice is to move quickly as the best mortgage products are often available for limited periods."

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