Hi, I just wanted to tell you about a product hot off the press;
Track Record Mortgage for First
Time Buyers
For too long, deposits have held back renters from becoming homeowners. With house prices and the cost of living rising, how can people be expected to pay their rent, keep up with bills and save 5 figure sums for deposits?
We now have a brand-new Track Record mortgage – the first of its kind – they will look at a renter’s history of making rental payments, and if they meet affordability criteria, they can access a mortgage without a deposit.
This could be the start of the great shift – turning generation rent into generation homeowner.
5 Year Fixed
Residential
5.49% | Up to 100% LTV | No Fee
Key eligibility criteria
· Each applicant must be a First Time Buyer
· Each applicant must be aged 21 or over
· The same people who are renting now (and have been for the last 12
· months) must be the same people on the mortgage- some exceptions can apply
· Must have proof of having paid rent for at least 12 months in a row,
· within the last 18 months
· Must also have 12 months experience paying all household bills
· within the last 18 months
· Each applicant will have no missed payments on debts / credit
· commitments in the last 6 months
· The monthly mortgage payment must be equal to or lower than the
· average of the last 6 months rental cost
· The deposit must be less than 5%
· Maximum loan size £600,000
· Not available on New Build flats
This product has just been launched today and is one of a kind. Please contact me if you have clients that might be interested in this- 07812 602857