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Woolwich slashes Bovis new build mortgage by 1.2%

Woolwich has cut the rate on its Perfect 10 mortgage by 1.2 per cent, from 4.99 per cent to 3.79 per cent.

The mortgage, which requires a 10 per cent dent deposit and is available only for purchasing new build properties from Bovis Homes, is a two-year fixed rate with an arrangement fee of £999.

After two years the rate reverts to a lifetime tracker at base rate plus 2.99 per cent.

The deal also gives buyers three year unemployment protection insurance from the date of the exchange and £500 towards legal fees.

Barclays head of mortgages Andy Gray says: “Slashing the rate enables more buyers to purchase a new home with just a 10 per cent deposit at one of the most affordable rates since the recession.

“The deal also gives a measure of protection for customers, Barclays and Bovis Homes and is testament to our commitment to get lending at 90 per cent levels on the right track but in a way which is sustainable in the long term.”

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  1. Why only for Bovis Homes? What makes their new build a better risk than other builders?

    Or is it that Bovis is subsidising the arrangement? If so, is this a hidden inducement to buy?

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