It’s rare that I feel compelled to put pen to paper about a specific mortgage product but this 90% mortgage is so competitive it jumped out at me.
The initial mortgage rate is 4.59% which represents a discount of 0.6% of the lender’s standard variable rate.
As well as purchases, it is available for remortgages which is quiet unique to the 90% level.
What’s more the mortgage setup fees are very low: with a £200 booking fee; and an arrangement fee of £400. This is because the product includes a free standard valuation on properties up to £250,000, with a contribution of £240 towards the valuation of properties worth more than £250,000. For remortgages, there is a basic legal service up to the value of £250.
Unsurprisingly this 90% mortgage has restricted distribution, including Niche Advice, to help the lender maintain good service.
Please note:
This product is aimed at clients who will need to obtain a very good credit score as such there can be no adverse credit issues.
The income multiples are:
Single applicants: 4x income
Joint applicants: The higher of 3x joint income OR 4x the first applicant’s income plus 1.25 the second applicant’s income.
So if you are looking for a mortgage with just a 10% deposit or 10% equity then you have just found an excellent one!
To find out more about our range of 90% Loan to Value Mortgages please call us on 020 7993 2044 or alternatively complete the simple enquiry form on the top right hand side of this page.
Payam Azadi is a partner at Niche Advice Ltd who are Independent Financial and Mortgage Advisers in London.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.
