The product aims to help first time buyers onto the property ladder and will be piloted through AToM for a limited time before being released to all Professional Mortgage Packagers Alliance (PMPA) member companies.
This product has been designed for first time buyers who are able to prove that they have been successfully renting for the last 12 months. AToM will offer a loan based on the applicant’s current monthly rent payments, subject to certain conditions.
Exclusive product details
• Two-year fixed rate at 6 per cent
• Income multiples of 5.5 + 1 or 3.75 x joint
• Full status applications only
• Min loan £25,001
• Max loan £250,000
• No overhanging Early Repayment Charges
Dale Jannels, sales and marketing director at AToM, said: “With the average property costing in the region of £174,000 and house prices continuing to rise in relation to earnings, more and more first time buyers are priced out of the market. Rooftop has recognised that there is still a large gap in the market with assisting first time buyers. This product aims to fill that gap and will assist a number of first time buyers making the transition from renting into home ownership.”
Alison Beech, sales and marketing director at Rooftop, said: "Whilst there is lots of discussion in the market about how to meet the needs of first time buyers responsibly, there has been little recent innovation. We think this will give an extra dimension to this important sector of the market and help those who are already demonstrating their ability to meet their commitments. In designing this product with AToM, we were able to reflect the needs of the intermediary and we are very excited about the potential of this initiative."
