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.