Market Harborough launches 100% mortgage
Market Harborough Building Society has launched a 100% mortgage designed to help more first-time buyers get onto the property ladder.
The mortgage will enable buyers who have a limited amount of funds to purchase a property, providing they have a parent willing to have a first or second charge secured against their residential or buy-to-let property. The society uses this as a guarantee for the mortgage.
Market Harborough’s mortgage is a competitively priced term-tracker linked to the standard variable rate. There is a 0.5% arrangement fee subject to a £1,250 minimum.
The minimum loan size is £200,000 and the maximum loan size is £750,000. The mortgage must be taken on a full capital repayment basis and three percent early repayment charges apply for three years.
Aaron Strutt, product director at Trinity Financial, says: “There are not many lenders offering no deposit mortgages and for some borrowers they are a very good option, especially over the longer term.
“One other small building society offers a more competitively priced 100% mortgage rate, and it does not have any early repayment charges. The maximum loan size is £400,000 for properties inside the M25 and a charge will need to be added to a family members’ property.”
Parents must take independent legal advice for both of these mortgages, and the applicants must be able to afford the whole loan in their own right.
For help to secure a 100% mortgage, call Trinity on 020 7016 0790.
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