Mortgage IFA Charcol is int roducing a range of bulk-buy mortgages to offer better terms to borrowers depending on the number of people who apply.
The concept uses bulkbuying power by pooling borrowers' applications and negotiating beneficial mortgage terms with a lender on their behalf. Borrowers have two-week windows in which to apply, at the close of which the number of applications taken will determine the level of benefits reached.
There are two levels of enhancement which give progressively lower two-year fixed rates and increasing amounts of cashback. If the product sells out before the two-week cut-off point, Char col will aim to maximise the amount of cashback and the discount rec eived over the fixed period for the borrower.
Borrowers will be notified of the level of enhancement reached when the offer closes and can accept or reject the terms on this basis with no penalty.