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Lambeth loan for first-time buyers

Lambeth Building Society is offering a discount mortgage for first-time buyers which pays 0.2 per cent commission to IFAs based on the mortgage advance.

Mortgages of up to 95 per cent loan to value are available and there is no mortgage indemnity guarantee. Valuation and application fees are refunded on completion of the mortgage.

The initial interest rate is 5.69 per cent and is guaranteed to be 2 per cent below the society&#39s standard variable rate for the first two years.

Lambeth hopes IFAs will take an important role in selling the mortgage, as they currently source around half the society&#39s loans.

General manager (marketing) Jonathon Sandford says: “Given that property prices have increased so much, first-time buyers need all the help they can get, not just in terms of lower monthly repayments but saving on the associated up-front costs as well. This is why Lambeth has introduced a new low-rate mortgage with no Mig and all fees refunded.

“As a mutual building society with no outside shareholders, we are able to use our status to offer customers some of the most competitive products in the marketplace.”

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