The deal will see Bank of Ireland waive its mortgage arrangement fees of £799 during June in a bid to lift the first-time buyer market in the East of Scotland.
ESPC says it will not charge its usual £250 advice fee and there will be a fixed-rate conveyancing deal at £499 plus VAT. The product does not have a higher lending charge.
Bank of Ireland director of lending for Scotland Norrie Henderson says the product is its standard guarantor mortgage where buyers can borrow up to 100 per cent loan to value.
He says: “ESPC approached us and asked if we would reduce our arrangement fee for a campaign they were launching for June. We have agreed to reduce the fee for that period.
“ESPC want to kickstart the first-time buyer market in the East of Scotland and they see this as a way of doing that.”
He says it would consider similar deals if it was approached by other intermediary companies.
ESPC’s advice process includes an affordability assessment and evaluation of how sensitive the borrower is to interest rate movements.
The Mortgage Practitsioner sole trader Danny Lovey says: “This sounds like it is going to be something specialist and only attainable in Scotland. If they really wanted it to be accessible they would have done it with a more mainstream firm.”