Leeds Building Society has announced a new mortgage product which comes with no higher lending charge and is available up to 95 per cent loan to value.
Available with advanced income multiples, the new lifetime tracker mortgage can be taken out for an amount up to five times the borrowers annual salary.
In addition, it comes with a free standard valuation and there is no completion fee to be paid.
Karen Wint, head of marketing & PR said: “With house prices still rising, this mortgage will help more customers who have a smaller deposit or limited equity get the property they are looking for”.
She went on to say that first time buyers may benefit from the fee-free product, “in particular” the opportunity to obtain 95 per cent loan to value without having to pay a higher lending charge.
Recent rising house prices have fuelled concerns that first-time buyers are finding it increasingly difficult to get on the property ladder.
A recent report from the Council of Mortgage Lenders revealed first-time buyers are on average spending 18 per cent of their incomes on mortgage repayments.
© Adfero Ltd