M&S Bank has extended its maximum loan to value to 95% on three new products – a two and five-year fixed rate mortgage and two-year tracker mortgage.
The bank has also increased its maximum mortgage term to 35 years, across both its first time buyer and home mover products.
The lender offers £1,000 cashback exclusively for those purchasing their first home, plus a free valuation. In addition, it enables up to four borrowers who will live in the property to take out a mortgage together. This feature can be utilised across M&S Bank’s product range by both home movers and those remortgaging.
M&S Bank also enables customers remortgaging with M&S Bank the option to consider additional borrowing, at the same rate and term as their M&S Bank mortgage. This would give them a lump sum which could be ‘gifted’ to a loved one to use towards a house deposit.
Customers remortgaging to M&S Bank from another provider can also benefit from fee assisted legal service, which covers the cost of the standard legal work required to remortgage from another lender.
Sue Fox, CEO of M&S Bank, said: “We’ve had a great response to the M&S Bank Mortgage range since launching in January this year, with our first time buyer range proving particularly popular. But we know a deposit for that much longed for first home is incredibly challenging for most people so, since launching our mortgage range, we’ve continued to look at ways in which we can further support customers realise their home ownership dreams.
“We hope that a greater range of terms across our mortgages and LTVs across these three new products will be a welcome addition, alongside the £1,000 cashback and free valuation we already offer, as well as the facility to purchase with friends or family.”
M&S Bank mortgages are available directly from the bank and also through the broker channel via London & Country, Mortgage Advice Bureau and Openwork.