The MarketPlace at Bradford & Bingley has launched an exclusive three-year fixed rate mortgage funded by Bristol & West.
The product is aimed at first-time buyers and has a pay rate of 4.49% (5.9% APR). There is a maximum LTV of 95%, is MIG free to 95%, and there is £300 cashback. There is no arrangement fee or extended tie-ins beyond fixed period and there is a free valuation.
David Bitner, spokesman for the MarketPlace, says: “This is a cracking product for the first-time buyer market. It is MIG-free to 95%, has no arrangement fee, a free valuation and a £300 cashback. Loans up to 95% of the value of the property substantially reduce the level of deposit the purchaser has to find, which can often prove a huge hurdle for many first-time buyers.
“In addition, the mortgage is a fixed rate, which provides borrowers with stability, normally a vital component for first-time buyers. From the outset, borrowers will know exactly what their monthly payments will be for three years.”