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Private Label launches mainstream mortgage

Costs associated with buying a home such as legal fees and stamp duty are slowing down the housing market, according to Private Label.

The mortgage packager is launching a mainstream discount mortgage which allows house buying costs to be added to the loan up to a maximum of 105 per cent LTV with no MIG charge.

The mortgage comes with a rate of 5.99 per cent after a 2.01 per cent discount for the first two years, with income multiples of 3.25 times single income and 2.75 times joint income.

Intermediaries will be paid 0.35 per cent of the loan directly by the lender on completed cases.

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