Woolwich, the mortgage supplier wing of Barclay, will now be providing fixed rate mortgages with deposits of up to 10% to those who wish to purchase assets from Bovis Homes.

The mortgage rate has been stabilized to be 4.99% for lending of up to 90% LTV. It also meets the Bank of England base rate of 2.49% , being commensurate with 2.99% of the present day base rate.

The maximum loan amount available reaches up to £550,000.  Loans of any amount greater than £550,000 will undertake the individual’s verification.

Barclays has initiated the plan as it had been lending at typically higher rates since past few years. No other 90% scheme can be availed for the present moment.

Chris Keane, Head of Mortgage Products for Barclays, said that the scheme which has been introduced by the Jardine Lloyd Thompson, the leading insurer in collaboration with Barclays and Bovis Homes, avoids the risks.

It aims at shielding g the loan seekers from unemployment problems for at least 3 long years.

"We certainly hope this is something that others want to get involved with and that it becomes a solution to the market [problems] for some time", Keane said.