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Lenders move quickly to boost first-time sellers

First-time sellers are set to be targeted with products from Halifax, Birmingham Midshires and Abbey through deals with Premier Mortgage Services.

The move follows PMS managing director John Malone’s recent call in Money Marketing for lenders to shift their focus from first-time buyers to first-time sellers to inject life into the market.

PMS has secured two exclusive products for first-time sellers with Halifax and is negotiating deals with Birmingham Midshires and Abbey.

Nationwide, Northern Rock, Mortgage Express, Alliance & Leicester and Cheltenham & Gloucester have also expressed support for Malone’s campaign.

The Halifax products are both two-year tracker deals. Exact figures have not been finalised but the first is understood to have a low rate, just above base rate, with a redemption charge of three months’ interest in the first year and two months’ interest in the second year. The second product has a higher rate but no arrangement fee and 1 per cent cashback. Both loans will be available up to 90 per cent loan to value.

Malone says: “Many lenders are being very supportive in what we are trying to achieve. We need to get these products properly promoted and marketed.”

Hamptons International Mortgages managing director Kevin Duffy says: “I am flabbergasted that lenders have moved this quickly. When people try to move the market it takes months rather than weeks. Lenders are well behind on their lending targets and I interpret this move as evid- ence of that.”

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