Barnsley Building Society 90 per cent LTV mortgage 'could make a difference'

Date:Tuesday 13th July 2010
Author: Max Freedman

The new Barnsley Building Society 90 per cent loan to value (LTV) mortgage could be very important to consumers with smaller deposits.

This is the view of product manager at the firm Toni Roberts, who suggested that the new product could make "such a difference" for first-time buyers or homeowners without significant equity in their house.

Interest on the Barnsley Building Society 90 per cent LTV mortgage is 6.35 per cent at a fixed rate for two years, but there is no arrangement fee.

Ms Roberts remarked: "We've tried to balance the need to help buyers with the need to lend responsibly and we acknowledge there's more to a mortgage than just a headline rate."

In her view, the waiving of the product fee could also be important for consumers with smaller deposits.

The Barnsley area was recently the subject of praise by Yorkshire Bank, which revealed that its reported burglaries have dropped by 61 per cent between 2002-03 and 2008-09.