Smaller lenders launching innovative products
A quick test to start this week! Have you heard of the Dudley Building Society? What about the Buckinghamshire, Harpenden, Marsden, National Counties , or Newbury Building
One such example is from our good friends at the Saffron Building Society who have a superb product aimed at First Time Buyers. The lender is offering a 95% mortgage with no credit scoring, to those who have never owned a property. Customers will still be credit searched but cases are reviewed on a manual assessment, rather than a computer making the decision. There is a five year fixed rate option and the arrangement fee is just £495. This is not just aimed at New Build properties either! Obviously terms/conditions and other fees may apply, but this kind of innovation is exactly what the mortgage market needs! Others will look at complex deals including guarantor mortgages, shared ownership, mortgages for the self employed, contractors, professionals, all types of Buy to Lets and Self Build projects.