Heritable Bank has launched two new products, one for residential single property development finance and another for short-term mortgage lending.
Heritable Bank will allow up to 100% of build or refurbishment costs to be made available. All of the features are subject to a successful demonstration of affordability rather than being based on income multiples.
Colin Stevens, director of residential mortgages at Heritable Bank, says: Allowing borrowers to get what they need out of a product at good rates is something we continually strive for. Introducing these two new options allows this to happen as there is a gap in the market for such good value products. We are excited to be able to offer these two new lending solutions as they will appeal to many would-be borrowers who are struggling to find a deal to suit their situation. Heritable Bank will always respond to individual situations and adapt products where possible.
Heritable Bank is also launching a short-term mortgage lending product, offering those purchasing or remortgaging peace of mind when moving house. A key aspect of the product is its interest calculator which tracks three month LIBOR plus 2.25% annually rather than the more expensive industry standard monthly calculation. For residential property, the product allows a maximum 75% loan-to-value and loans of up to 1.5m.