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102% tracker mortgage for new graduates from Widows Bank

Scottish Widows Bank is introducing a graduate mortgage which should help IFAs develop a new client base.

The loan offers up to 100 per cent of property value plus a further 2 per cent to cover buying costs, including stamp duty and legal fees.

Parents can guarantee the loan so graduates are able to increase the amount borrowed. There is no mortgage indemnity guarantee and the loan can be repayment or interest-only or a combination.

Widows Bank believes aiming at recent graduates can give IFAs access to clients with good earning potential for the future. The mortgage is available to people who have graduated within the last five years. It has a 0.25 per cent discount for the first six months and then is 1.25 per cent above the base rate of 4 per cent.

Business development director Gordon Bowden says: “We are aiming to help graduates on to the property ladder quickly. Traditionally, on leaving university, graduates do not have a deposit and struggle to enter the property market. The introduction of our graduate mortgage demonstrates our commitment to offering consistently competitive products and builds on our successful professional and flexible mortgages.”


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