Spotlight On: Halifax first-time buyer mortgage - Mortgages, Money - The Independent

Spotlight On: Halifax first-time buyer mortgage - Mortgages, Money - The Independent

The deal

The Halifax is offering to pay the fees on mortgages for first-time buyers.

The good points

The Halifax says its move will save a typical first-time buyer at least £1,986. That includes a product fee of about £995, plus £506 of conveyancing costs, as well as a £240 valuation fee and about £250 on the costs of setting up the mortgage.

The bad points

Borrowers have to take out a two-year, fixed-rate loan at 5.79 per cent. There's an early repayment charge of 3 per cent in the first year, 2 per cent in the second year.