To support first-time buyers Enable’s IFAs are always on the lookout for new buyer mortgage buyer products. Recently Gatehouse Bank has brought new 90% finance-to-value (FTV) and 95% FTV home purchase plans to the market.
It is always important to make sure you have the right mortgage product for you and the new 90% FTV products are available for first-time buyers, home movers, and borrowers looking to refinance, while the latter is limited to FTBs only.
This is another interesting way of lending, in this case, the lender does not charge interest, but owns the property on a home purchase plan only with the owner and the borrower pays rent on this share. All of the new loans have a minimum finance amount of £100,000 and a maximum amount of £500,000.
This means the payments are described differently. So, the 90% FTV product on a two-year fix has an initial rental rate of 4.25% and, for a five-year fix, 4.50%. Each of these products charges a £999 product fee. For the 95% FTV products, the two-year fix is set at 4.50% and the five-year fix at 4.75%.
John Mace who is product manager at Gatehouse says: “This launch follows a significant number of inquiries from customers who are looking to move into their first home or refinance. “The property market has been incredibly busy this year, and in some regions house prices have risen steeply, making it ever-more challenging for first-time buyers to save a large enough deposit. “We believe the launch of our ethical home finance products with higher finance to value will prove attractive and enable many first-time buyers to take their first steps onto the property ladder.”
Enable’s IFAs in Bishops Stortford know there are lots of different mortgage products out there to service lots of different needs. If you are looking for a high loan-to-value product and are a first-time buyer there are lots of options to consider.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage