Alliance & Leicester PlusMortgage for first-time buyers

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Alliance & Leicester PlusMortgage for first-time buyers

Mon 20th Aug 2007

Alliance & Leicester has recommended its PlusMortgage product to people looking to buy their first home.

The offering combines a 100 per cent loan-to-value mortgage with a personal loan in a package that allows the borrower to make unlimited overpayments on the latter.

According to research by the bank, 73 per cent of mortgage brokers believe a bundled product such as the PlusMortgage will benefit first-time buyers.

"When innovative products come onto the market, it's important they actually fill a gap and help those who need it most," said Jeremy Claridge, head of specialist mortgages at Alliance & Leicester.

"Rising interest rates and house prices mean first-time buyers need flexible products that will help them get onto the housing ladder."

Abbey recently claimed that an increasing number of first-time buyers are turning to brokers for advice on what mortgage is best for them - with 28 per cent of those aged between 25 and 34 speaking to intermediaries before buying, compared to two per cent of those aged over 65.

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