Marsden Intermediaries has relaunched its 95% LTV mortgage with free valuations to meet growing demand from first-time buyers.
Following the increase in the bank base rate at the end of last year the Marsden has seen an increase in enquiries for shorter-term fixed rates. The new first-time buyer portfolio offers 2-year fixed rates at 3.09% with arrangement fees or 3.39% without arrangement fees.
Steve Robinson, head of lending at the Marsden said: “During 2017, we did start to see an increase around first time buyer appetite and this is continuing into 2018 too.
“Last year, around 15% of our lending was to first-time buyers and we’re looking to grow this again in 2018. For us, it’s back to our roots as a building society, supporting intermediaries and their clients to get the best rate as they step onto the property ladder.”
“This follows the market reports that suggest that two year fixed rate products are at an all-time high as people are either dealing with the interest rise in 2017 or unwilling to commit for a five year term given the upcoming rate discussions with the Bank of England.”