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M&S Bank adds new FTB-friendly mortgages

M&S Bank has announced the launch of three new mortgage products with a maximum loan value of 95 per cent in a bid to court first-time buyers.

The bank has also lengthened its maximum mortgage term to 35 years across its FTB and home mover range, as well as announcing that it will allow for up to four borrowers who live in a property to take out a mortgage together.

The three new products, which include a free valuation and £1,000 cashback, consist of a two- and five-year fixed rate mortgage and a two-year tracker. The two-year fix has a rate of 3.79 per cent (3.46 per cent when including cashback), and the five-year a rate of 3.99 per cent (3.86 per cent including cashback).

Meanwhile, the two-year tracker is set at 2.89 per cent over the Bank of England base rate (0.75 per cent), giving a rate of 3.64 per cent. With the £1,000 cashback, the cost to the customer is 3.31 per cent.

M&S Bank will also donate £25 to homeless charity Shelter for every new mortgage taken out.



Stamp duty cut saves first-time buyers £284m to date: HMRC

More than 120,000 first-time buyers have avoided paying stamp duty on their homes since new government rules were introduced. Official government statistics covering the period until 30 June found that £284m has been saved in would-be stamp duty payments so far by 121,500 FTBs since the government announced it would cut stamp duty for FTBs […]

Remortgaging dominates as FTB and homemover numbers dip: UK Finance

Remortgage activity dominated the mortgage market in June, according to new figures from UK Finance, as first-time buyer and homemover transactions fell. There were 37,400 new homeowner remortgages completed in June, up 8.4 per cent more than in the same month a year earlier. The £6.8bn of remortgaging in the month was 13.3 per cent […]

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


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