BM Solutions will launch its eagerly-anticipated first-time buyer product from Monday, modeled on Northern Rock’s successful Together offering.
The launch of ‘Mortgage Plus’ connects a secured mortgage and an unsecured personal loan. It is only available through intermediaries to prospective borrowers with a good credit history, and the lender says half of prospective borrowers are likely to be declined.
Money Marketing revealed in today’s issue that BM would launch the product from Monday.
It is available as either a fix or a tracker. Only one monthly payment will be required and the combined maximum LTV is 125 per cent, 95 per cent of which is a secured loan on the property and 30 per cent an (or £30,000 whichever is lower) as an unsecured personal loan.
BM stresses it expects a significant proportion of customers to be previous homeowners and customers are likely to be in their early forties or graduates/professionals with high potential for future income growth.
BM managing director Nigel Stockton says: “We are delighted to be able to provide consumers and brokers with five-star service credentials. The product will be available to some FTBs.”