Deposit boost for first-time buyers

First-time buyers have been given a glimmer of hope as a couple of lenders introduced deals that will need only a 10 per cent deposit. Britannia Building Society, which is soon to merge with the Co-operative Bank, launched its product last week. The interest rate of 5.09 per cent is fixed for two years once a £599 fee is paid. The smaller Saffron Building Society also introduced a 90 per cent loan and a rate of 5.65 per cent. It is only available in Saffron’s catchment area. This is mainly East Anglia but also includes parts of east London including Hackney and Walthamstow.