Fri 30 May 2008
100% mortgages make a market comeback
A firm of Scottish solicitors has teamed up with the Bank of Ireland to bring back 100% loan-to-value mortgages to the market.The Edinburgh Solicitors’ Property Centre (ESPC) is aiming to bring back first-time buyers to the market with these 1st Start mortgage products. No arrangement fees or advice fees are payable by the buyer, as a parent or close relative will act as a guarantor for the mortgage. This may be a hopeful sign that the UK mortgage market is on its way to recovery, as it follows Wednesday’s news from the British Bankers’ Association that the number of mortgages approved rose in April.
“This is now the only 100 per cent mortgage product available in Britain since the Abbey said last month they were ending their scheme,” said an ESPC spokesman.
Mortgages are charged at 7.19% interest for three and five year fixed-rate product. The deal is available throughout the UK via website Move Machine Money – visit www.movemachine.com for more information.
Posted by Natalia Gameson
in Bank of Ireland, British Bankers Association, Edinburgh Solicitors’ Property Centre, News on Fri 30 May 2008
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