The new deals have an LTV of 99 per cent, with an arrangement fee of 1 per cent which can be added to the loan, taking the loan to 100 per cent LTV.
With rates starting from 5.99 per cent, the products are designed for customers who have a small deposit and wish to take advantage of lower interest rates.
The new products are available from Thursday 14 June 2007.
Summary of new products
• Five-year fixed – 5.99 per cent (arrangement fee 1 per cent), Max LTV 99 per cent
• Three-year fixed – 6.05 per cent (arrangement fee 1 per cent), Max LTV 99 per cent
• Two-year fixed – 6.05 per cent (arrangement fee 1 per cent), Max LTV 99 per cent
Commenting, Andy McQueen, Director of Marketing at The Mortgage Works, said: “The new loans are ideal for first-time buyers or those coming back into the market who may have a small deposit but not enough for the traditional 95 per cent LTV loans.“
The Mortgage Works is also enhancing the procuration fee on all new 100 per cent mortgage applications from 0.30 per cent to 0.35 per cent.
