Mortgage packaging network Exclusive Connections is introducing a mortgage
offering 105 per cent loan to valuation.
The product, which is funded by Mortgage Express, is based on a current
payable rate of 6.25 per cent with a 1 per cent discount for two years.
The loan is subject to income multiples of 3.25 per cent or 2.5 per cent
for joint applications. Minimum loan size is £40,000 and applicants
can borrow up to £250,000 between 95-105 per cent LTV. The maximum for
first-time buyers is 102 per cent LTV.
The loan is open to applicants over the age of 21 who have been employed
for a minimum of three years. It offers the facility to underpay and
overpay as well as take payment holidays. The product has a £100
Managing director Patrick Day says: “This scheme is ideal for applicants
wanting a discounted rate but who might not have the choice of a deposit.”