Barclays is introducing 95% LTV mortgages for new build houses.
The increased LTV, up from a previous limit of 90%, covers new build houses with a maximum value of £600,000.
All Barclays’ residential 95% LTV product rates can be used, with the lowest on offer today being 4.79% for a five-year fix and 4.82% for a two-year fix, both with no product fees.
Barclays already offers a range of support to customers and brokers specific to new builds, including day one valuations as standard, free for residential properties with a purchase price up to £2m.
Rates can be locked in for 12 months, if customers/brokers apply for an extension of six months after the initial offer period, with the option to keep the existing rate or select a new business rate at the time of extension.
In addition, Barclays offers a dedicated new build team for brokers offering specialist support.
Lee Chiswell, head of mortgages at Barclays, said: “We’ve been incredibly focused this year in making home ownership affordable, from the introduction of innovative propositions like Mortgage Boost to tweaked lending criteria allowing us to safely lend more to help customers achieve their ambitions.
"Raising the maximum LTV for new build houses is yet another initiative that I’m proud to say will help people who may previously not have had enough for a deposit on their dream home.”
