Newbury Building Society has cut borrowing costs on its Help to Buy Equity Loan deal and reduced rates on other products by up to 0.76 percentage points.
The Help to Buy loan is fixed at 1.74 per cent until 27 January 2021, and is available up to a maximum loan-to-value (LTV) of 75 per cent.
It comes with a £300 booking fee and a £300 application fee.
Overpayments are allowed, and the product includes a free valuation.
Phillippa Cardno, operations and sales director at Newbury Building Society, said: “We are committed to helping first-time buyers and those looking to get a foot onto the property ladder by offering mortgage products in line with a range of government schemes.
“We are delighted to be able to offer the 1.74 per cent fixed rate to customers who want to take advantage of the Help to Buy scheme."
I have had a couple of cases in the past that have been adverse due to life-changing events, and they have taken a sensible and flexible view.Jane KingOther products fixed until 27 January 2021 include a 2.99 per cent fixed rate deal at 90 per cent LTV and a 3.89 per cent fix at 95 per cent LTV.
A five-year Help to Buy fix is available at 2.69 per cent up to 75 per cent LTV, following a rate reduction of 0.3 percentage points.
Jane King, mortgage adviser at London-based Ash-Ridge Asset Management, said: “It is a good three-year deal. We have not got any at the moment - it is all two years or five years, and five-year rates are cheaper than three.
“As they are a mutual, they will be using their savings money and must have spare money to use.
“Newbury are really good if you have something slightly outside criteria.
"I have had a couple of cases in the past that have been adverse due to life-changing events, and they have taken a sensible and flexible view.”
simon.allin@ft.com
