There are a choice of purchase, re-mortgage and first-time buyer specific deals.
A first-time buyer fixed rate product is added to the online portfolio of products, which includes a three-year tracker re-mortgage product and a lifetime tracker product with no early repayment charge. The first-time buyer fixed rate product includes a free valuation, a £200 cashback and has no higher lending charge. The rate is fixed for the first five years at 5.40 per cent (6.1 per cent APR). Customers will also benefit from an additional 0.5 on the income multiples, meaning that those with salaries up to £50,000 can obtain up to 4.25 + 1 or 3.25 joint income multipliers.
A summary of the first-time buyer fixed rate product is below:
- 5.40 per cent (6.1 per cent APR) fixed for five years
- Free valuation
- £200 cashback
- Early repayment charge – 5 per cent of the loan if repaid in the first five years
- £499 arrangement fee (which can be added to the loan)
- Maximum LTV 95 per cent
- 0.35 per cent introducer fee
- Minimum loan £75,000
- Available in England & Wales only
John Malone, managing director of Premier Mortgage Service (PMS) said: “This product goes a long way to help first-time buyers getting on to the property ladder. The combination of no features coupled with the certainty of payment rate for the first five years really hits the mark.
“The product also sits well with our other online exclusive products, of which we have a three year 'fee free re-mortgage only' tracker and a lifetime tracker product with no early repayment charge.”
Scott Taylor-Barr, national account manager at N&P, said: “We’re delighted at this range of exclusives with PMS and feel that together we’ve managed to deliver some real value in the products available for first-time buyers and re-mortgage customers, especially for those not looking to pay huge fees to get a good deal.”
