To accompany a growing number of new strategies that enable first-time buyers to get their foot on the property ladder, mortgages are now offered at 125 per cent Loan To Value. Two mortgage companies, BM Solutions and Northern Rock, have entered into a bidding war to attract first-time buyers eager to enter the market.
The 125 per cent mortgage, known as the Mortgage Plus range, are designed to help first-time buyers get on the property ladder. By offering an additional 25 per cent beyond the loan, the product aims to cover all the costs of moving house and other up front costs faced by the first-time buyer. The products are a combination of a secured mortgage and an unsecured loan .
The Mortgage Plus range was launched by BM Solutions late last year in a bid to attract first-time buyers. Northern Rock already had a niche in the market, offering a Together range that offer over 100 per cent LTV. The products typically include features such as cashback and valuations, and competitive monthly repayment rates.
The head of sales and marketing at BM Solutions, Chris Pearson, reportedly said: "Following the refresh, BM Solutions now has the lowest fixed rates in this market by a mile. The other players don't come close to competing. It shows that we are continuing to champion brokers with exceptional products for their clients, whilst providing outstanding five star service in the sector."
125 per cent mortgages for FTBs
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