Mortgage Express is launching Max 130 – a new product enabling homebuyers to borrow up to 130 per cent of their property value with no higher lending charge.
Max 130 is designed to meet the needs of first time buyers, people without a deposit and those that require cash and debt consolidation.
There are two rates available. A three year fixed rate at 6.49 per cent and a two year discount of 0.31 per cent (current pay rate of 6.24 per cent). The income multiples are 3.75 for single applications and 2.75 for joint.
Mortgage Express product development manager Roger Hillier says: “We are confident about the need for a product such as this, designed specifically for first time buyers struggling to get onto the housing ladder, in addition to those looking to consolidate credit cards, personal loans and second charges into one competitive loan. This will make repayments more manageable and could be a much better alternative for those customers in the long term.”