Bradford & Bingley mortgage partner releases 130% mortgage

Mortgage Express, the specialist lending arm of the Bradford & Bingley Group, has released its Max 130 product to the whole of the UK, following successful trials in Northern Ireland.

The new product allows homebuyers to borrow significantly more than the value of their property, with no higher lending fee, at a fixed or discounted rate.

Mortgage Express explains that the Max 130 mortgage is designed to meet the needs of people without a deposit, first-time buyers, and those in need of debt consolidation.

The extra money beyond the value of the property can be used for any legal purpose, including home improvements, capital raising and debt consolidation.

"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," said Roger Hillier, product development manager at Mortgage Express.

He added that the Max 130 can make repayments more manageable and might be better alternative for customers in the long term.

The Max 130 is available at a three-year fixed rate of 6.49 per cent and a two-year discounted rate of 6.24 per cent (at current lending levels).

Income multiples to take out the mortgage are a somewhat conservative 3.75 for single applications and 2.75 for joint applications.