Kent Reliance has launched a 95 per cent loan-to-value mortgage aimed at second steppers, which it is calling the next time buyer mortgage.
The loan is a five-year fixed rate at 5.29 per cent and is available to employed and self-employed professionals who require a loan between £300,000 and £1m.
To qualify for the product, borrowers will have to have held a residential mortgage for a minimum of three years and have an income of at least £75,000.
The product is only available to members of the Kent Reliance broker panel.
Sales and director John Eastgate says: “We believe in meeting market demands; there are a number of professional people living in properties that they have perhaps outgrown or just want to move on from but can’t because they don’t have a big enough deposit for their next home. Our new product will meet this need by offering up to 95 per cent LTV.”