Mortgage 2000 has launched an exclusive product from Leeds.
The product is a 100% mortgage at 5.72% fixed for five years with no upfront fees. The product will be available via a number of the Mortgage 2000 distribution channels including m2-mortgage club (direct to lender), m2-d&p (packaging) and Casemaster (online processing system).
The product has been designed so that first-time buyers have the security of a fixed rate with free valuation, no arrangement fee and no booking fee, and further benefit from not having to put down any upfront fees.
Chris Burton, product manager for Mortgage 2000, says: “I am delighted to be able to launch this 5.73% five-year fixed exclusive with Leeds. This product is ideal for first-time buyers with no arrangement fee, free basic valuation and available up to 100% LTV. With first-time buyers driving the market forward it is crucial to help people onto the property ladder so this product was designed exactly with that in mind.
“Working with our lender partners to develop exciting, innovative products is always a rewarding experience but especially when the outcome is a market leader such as this.”
Jeff Kirk, corporate relationship manager at Leeds, says: “We all know the difficulties being faced by first-time buyers in the current market, and Leeds is committed to finding ways to help them onto the housing ladder.”
“This exclusive product allows them to do this within a fixed budget. It will also help to keep down the initial costs of buying their first house, as they do not have to save up a deposit or pay any up front fees. The product allows first-time buyers to budget effectively and also gives them certainty of payment for a long period together with full portability should they move home within the period.”
“With recent Council of Mortgage Lenders statistics showing that only 27% of house purchase loans are taken by first-time buyers, initiatives designed to help this segment of the market are crucial.”
Procuration fees are set at 0.30% with a minimum of 200 for cases submitted via m2-mortgage club and m2-d&p. All cases processed via the Casemaster system will qualify for further procuartion fee enhancements.