Mortgage Next First Start mortgage launched

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Mortgage Next First Start mortgage launched

Wed 15th Mar 2006

The Mortgage Next First Start mortgage has been made available today and borrowers can choose to take an interest rate of 5.09 per cent or 5.39 per cent.

Both rates will be fixed until December 31st 2008. The lower of the two is available up to a maximum of 95 per cent loan to value (LTV) and the higher rate applies up to 100 per cent LTV.

An early redemption charge of three per cent of any amount repaid during the fixed period will apply, as will a £399 administration fee, reports product website Mortgage Introducer.

The offer has been designed to cater for first-time buyers whose mortgage will be supported by their parents, as the customer's borrowing capacity can be enhanced by his or her parents' income.

"The First Start product is an excellent option for first-time buyers who are struggling to get on the housing ladder," said Justine Tomlinson, marketing director at Mortgage Next.

"It not only enables them to get much needed help from parents with income multiples, but also gives the comfort of a fixed rate for nearly three years."

The Mortgage Next First Start mortgage offers an overpayment facility of ten per cent per year and allows a maximum loan amount of £999,999 with no higher lending charge.

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