View more on these topics

FTB deal offers personal loan with mortgage

BM Solutions has introduced its eagerly anticipated first-time buyer product, modelled on Northern Rock’s successful Together offering which allows friends to club together and buy a property.

BM expects a significant proportion of customers to be past homeowners. with borrowers likely to be in their early 40s, or graduates and professionals with high potential for income growth.

Mortgage Plus connects a secured mortgage and an unsecured personal loan. It is only available through intermediaries to borrowers with a good credit history and BM says half of the applicants are likely to be declined.

It is available as either a fixed rate or a tracker. The combined maximum loan to value is 125 per cent, 95 per cent of which is a secured loan on the property and the rest an unsecured personal loan but there will be only one monthly payment.

BM does not expect the product to have as significant an impact on its level of completions as Together, which was launched in 1999 and accounts for one-third of Northern Rock mortgages.

Bank of Scotland Mortgage managing director Charles Haresnape has previously said that HBOS is considering launching an additional FTB product, combining rental and homeownership.

BM managing director Nigel Stockton says: “The product will be available to some FTBs but will not be as important to us as Together has been to Northern Rock.”

Hamptons International Mortgages technical director Jonathan Cornell says: “It is great to see HBOS moving into this market. I am sure this will increase competition in this sector, which will benefit borrowers. I think it has been a gap in HBOS’s product range until now.”


B&B sells its own-branded mortgages

Bradford & Bingley will stop selling mortgages from other lenders today and will instead sell its own-branded mortgage products.The Bank will offer advice on buy-to-let, self-certification, first-time buyer and standard mortgages which will be sold through its 205 branches throughout the UK.B&B says it will be the first nationwide high street lender to offer self-certification […]

Aegon stays strong with buoyant Sipp

Aegon is continuing to see strong pension business with a 56 per cent rise in sales in the first three quarters to £768m from £491m in the first three quarters of 2005 on an annual premium income basis.Individual pension sales more than doubled by 106 per cent to API £246m from £119m. These figures include […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm