This mortgage is different to any currently available, as 95% LTV will be a secured loan and any additional borrowing up to 15% will be set up as a second charge on the property.
The good news for borrowers is that they will still be able to borrow up to four times their income. Brokers will also appreciate that because each of their clients is different, each case submitted will be looked at on an individual basis and manually credit scored. With Bristol & West Mortgages borrowers are also not restricted to having their mortgage for a 25 year term. We will allow borrowers to pay back their mortgage over a longer period of time, right up to retirement age if it will help them to afford their payments.
Key feature of the 100 Plus Mortgage:
Neena Kithoray, Senior Product Manager says “We have designed this mortgage for first time buyers who are finding it difficult to get onto the property ladder and need to borrow that little bit more, although it would also be beneficial for people who are moving or remortgaging who may have debts to consolidate. We have kept the arrangement fee low, the income multiples high and made the term flexible to make this mortgage as available and affordable as possible.”
The mortgage is being piloted through a small number of brokers who have had experience of doing high loan to value business. The pilot will last for six weeks.
