After two years the rate reverts to a lifetime tracker at base + 2.99%, which equates to just 3.49% at today’s Barclays Base Rate.
The deal is available on any new Bovis Home at all of the company’s developments across England and Wales.
The Barclays and Bovis Homes innovative partnership also provides buyers with free three year unemployment protection insurance if they were to lose their job from the date of exchange and £500 towards their legal fees.
Andy Gray, head of mortgages for Barclays, said: "Slashing the rate enables more buyers to purchase a new home with just a 10% 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% levels on the right track but in a way which is sustainable in the long term."
Bovis Homes chief executive David Ritchie said: "In the current climate housebuilders can’t just be about bricks and mortar, and they can’t sit back while homebuyers battle to raise the funds for a new home. We’ve been striving to find ways to help them move and this big cut in the initial two-year rate offers homebuyers a superb opportunity to get in there and snap up their dream home.
"The ‘Perfect 10’ has always been a great solution for people struggling to get a deposit and now it is even better. We want to buck the lending trend that has left many people frozen in or out of the market – and hopefully this rate cut will bring the bit of sunshine people need to get them moving."
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