130 per cent mortgage released by Bradford & Bingley lending arm

18 January 2005
A mortgage which offers up to 130 per cent of the value of a property has been rolled out by Mortgage Express, the specialist lending arm of the Bradford & Bingley Group.

Successful trials of the product in Northern Ireland led to the company offering the loan to residents of the rest of the UK.

Mortgage Express has said the Max 130 mortgage is aimed at first-time buyers, people without a deposit, and those in need of debt consolidation.

The money beyond the value of the house can be put to any legal purpose, including home improvements, capital raising and debt consolidation.

Roger Hillier, product development manager at Mortgage Express, said: "We are confident about the need for a product such as this, designed specifically for first-time buyers struggling to get onto the housing ladder, in addition to those looking to consolidate credit cards, personal loans, and second charges into one competitive loan."

Customers can take out the Max 130 as a three-year fixed rate at 6.49 per cent or a two-year discounted rate at 6.24 per cent (at current lending levels).

To read more about mortgages aimed at first-time buyers, click here.
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