The enhancements to First National’s portfolio, designed to increase value and product choice, is intended to make it easier for intermediaries to sell to a wider audience.
The new portfolio includes a product range for first time buyers. The number of first time buyers in the market is on the increase, having risen to 15 per cent, an increase of 2.5 per cent from the end of last year, and yet First National believes there is still a lack of product choice for them in our market. It has identified this as a prime area of opportunity and has developed a new range to support this key buyer group.
The wider enhancements include:
First National now offers a wider range of products to meet the needs of a broader spectrum of customers:
- Extended range from 65 pricing options to 148
- Simplified product range, focusing on consumer demand for promotional 1-3 year fixed and discount offers
Supporting first time buyers:
- Dedicated product range for FTB's
- Up to £250,000 loans at 95% LTV
- Allow 1 arrears in last 12 and 1 CCJ
- Open to Self cert or full status buyers
Great value deals:
- Promotional offers starting from as little as 4.99%
Easier to do business with:
By streamlining its underwriting criteria and offering highly advantageous LTV’s, First National will improve efficiency and flexibility and make its products accessible to a wider customer base:
- Decision based on affordability not rigid income multiples
- Up to £350k available at 90% LTV
Duncan Berry, director of mortgage sales, GE Home Lending, said, “Vastly increased choice and competitive pricing options are at the core of this new mortgage portfolio. We believe the wider range of mortgage products, based on the ability to repay rather than fixed income multiples, are better value and more straightforward than ever and offer greater choice and flexibility.
“Within the new portfolio, we have also developed products specifically for first time buyers; given the lack of choice of products for FTBs in our sector, it was clear to us that with the government’s plan to increase home ownership by up to 2m in the next four years, that the FTB market is a key area of opportunity for us.”
