The Co-operative Bank has teamed up with EMHomeBuy - a
Government HomeBuy agent - to offer a 100 per cent mortgage to
first time buyers.
The Co-operative will lend to buyers purchasing a new build
property on selected developments through HomeBuy Direct and will
not ask for a penny deposit. The no deposit draw is set to
prove popular with many first time buyers struggling to secure a
mortgage.
EMHomeBuy team leader Birju Mehta said: "This exciting product
allows people to buy their first home with no deposit necessary.
Those who are interested in taking up this offer will need to
hurry, as funds are limited."
HomeBuy Direct is one of several options available through
EMHomeBuy to eligible house hunters, from first time buyers to key
workers. The buyer need only secure a mortgage for 70 per cent of
the market value and the gap is bridged by an equity assistance
loan, for which repayments begin after five years.