A brand new range of residential mortgage loans has been launched by Marsden Building Society, making for a welcome addition at a time when product numbers have been falling.
This range features two different mortgage products, both of which come with loan-to-value (LTV) of 95%. The first of them is a loan called FX018, which has a fixed rate beginning at 4.99%. Under the terms of the mortgage, the rate will stay at this level until 30th June 2029. From that point on, it will switch to a standard variable rate that begins at 6.44% for the next 12 months.
The second loan within the range is called the DS223 mortgage. This has a discounted rate that has been set at 5.59% up until 31st January 2028. At that point, it switches to a variable follow-up rate, beginning at 6.44%. It will stay at that figure for two years, up until 31st January 2030.
Both of the new products to be introduced by Marsden BS require a deposit of 5% for a borrower to be eligible. However, they come with a free valuation if the property being bought is worth £500,000 or less. There are also no charges for arrangements or bookings.
Donna Barclay from Marsden BS told Mortgage Solutions that:
“From first-time buyers with a smaller deposit to homeowners remortgaging to borrow more with a higher LTV, we hope to equip mortgage advisors with more lending options for their clients across England and Wales.”
Advisors with CeMAP training are likely to welcome more products on the market.
