In a bid to enhance its support for first-time buyers, M&S Bank has extended its maximum loan to value (LTV) to 95% on three new products, a two and five-year fixed rate mortgage and two-year tracker mortgage.
The lender has also increased its maximum mortgage term to 35 years, across both its first time buyer and home mover products.
Furthermore, M&S Bank offers £1,000 cashback exclusively for those purchasing their first home, plus a free valuation, while also allowing up to four borrowers who will live in the property to take out a mortgage together. This offering is designed for either groups of friends or siblings who want to realise their dream of home ownership, but would not to be able to accomplish it on their own.
As families are increasingly looking into ways to support loved ones with achieving their ambition of purchasing their own home, M&S Bank allows consumers remortgaging with it the opportunity to consider additional borrowing, at the same rate and term as their M&S mortgage. In turn, this would allow those that are remortgaging to gift a lump sum to a loved one, which could be used as a deposit.
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