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Mortgage Lender New Products
This week saw mortgage lenders introduce new products for first time buyers.
This lender will now lend up to 80% of the Loan to Value (LTV) and up to a maximum of £400,000. For first time buyers who have a deposit of 25% or more the maximum loan is now £600,000. The lender specialises in providing mortgages for customers who they consider to be creditworthy but have non standard needs when applying for a home or property loan.
Buy-to-Let landlords are now able to arrange a mortgage on two properties and can arrange two, three or five year fixed rate deals. The interest rates have been reduced for all client groups and include a rate of 4.98% on a five year fixed deal.
The maximum loan amounts have been increased in order to cater for clients who are buying homes and property in areas such as London where high prices are unavoidable. Aldemore Chief Executive, Colin Snowdon said “These changes, combined with our existing two year discounts which start from 3.98% and our recently launched Limited Edition range, mean that we are able to satisfy an even wider range of client needs.”
This society have introduced 85 and 90% mortgages that are targeted at first time buyers and can be arranged at a rate of 5.58% but there is a catch – the buyers parents or grandparents must have been customers of the Coventry Building Society for at least three years.
Coventry Building society also offers mortgages under the brand Godiva Mortgages and has launched two new products for customers who have a 50% deposit. Product fees are just £999 and are available from brokers or as a direct application. Managing director of Godiva Mortgages, Colin Franklin says “We remain, as always, committed to our pledges including no dual pricing. Unlike other lenders all of our products are available through brokers or direct at the same price”
The Post Office is now also promoting new mortgage products for first time buyers and offers a 90% LTV on certain products. This week it has announced a reduction in interest rates across the range and believes that customers will appreciate the fact that at the end of a special deal period the rates on offer will remain competitive.
For new potential first time buyers who have been turned down by the high street banks Kensington are willing to consider applications without using a credit score system. Whilst they do make use of credit reference agencies they are willing to consider applications from customers who may have minor defaults on their credit payments or CCJ’s that have been settled in the past two years.
Nationwide has also announced new reductions in its interest rates although these products may be targeted towards existing home owners rather than first time buyers who have a small deposit. The average reduction across the mortgage range is 0.15% and some products have been reduced by 0.20%.
The bank is offering a two year fixed rate product at 4.29% for up to 75% LTV as well as a three year fixed rate deal for 4.09% at up to 70% LTV.
There are some incentives available including £300 cashbacks and discounts on arrangement or product fees for some customers.
Northern Rock has substantially reduced its application fees to £99 along with a reduction in mortgage rates across the whole product range. The bank is targeting first time buyers with a range of fixed rate and tracker mortgages designed for customers who have a lower deposit.
Marketing director Anth Mooney said, “This reduction to our mortgage application fee is great news for customers who are looking to keep their purchase costs low.
These new products will increase the choices available to first time buyers over the coming months and give them the opportunity to choose products that have low start up fees and decide whether to fix a deal that will help with budgeting during the often expensive first years of becoming a home owner.
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