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Solent and TMB link up on 100% loan at 5.84%

Correspondent lender and packager Solent Mortgage Services has linked up with specialist lender The Mortgage Business to offer a new 100 per cent mortgage.

The mortgage is funded by TMB and distributed through Solent. It is available on loans between £35,000 and £100,000, on income multiples of up to three times single salary and 2.5 times joint, with a standard variable rate of 5.84 per cent. It offers an introducer fee of 0.5 per cent of the loan, with a minimum payment of £350.

Solent says the need for 100 per cent mortgage lending is on the increase after calls from the FSA last summer for this type of loan to be made more widely available.

It believes some borrowers are not in a position, mainly because of rising house prices, to put down a deposit on the property they want and this mortgage is intended to fill the gap.

Solent was set up in 1989 and says it processes over £50m of mortgage applications a month.

Director Ian Balfour says: “SMS has teamed up with TMB to offer a competitive 100 per cent mortgage for borrowers with a clean mortgage and credit history.”

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