08 What are you expecting from this product in terms of volumes - do you think it will be a mainstream proposition or one that gets limited transaction? QUESTION ANSWER ANSWER Jeremy: A lot of careful consideration and planning went in behind the scenes before the launch and we believe that the £5k Deposit Mortgage will be a proposition that will help many FTBs onto the property ladder in 2024 and beyond. Without innovative propositions like this, a large number of aspiring FTBs will just simply be unable to achieve their dream of becoming homeowners. Since the launch of the proposition, we’re seeing DIPs, Applications and Offers coming through from brokers.We’re also delighted that the first case with this proposition has completed which demonstrates that this is a proposition that we have designed to genuinely help support broker and their FTB clients. Fundamentally this proposition helps to create a level playing field for those who don’t have financial support from their families to fall back on, our research showed that 38% of FTBs now receive financial help from friends and family to have the chance of stepping onto the housing ladder. Can you tell us a bit more about the product? QUESTION ANSWER ANSWER Gurpreet: This proposition is for FTBs so at least one applicant must be a FTB (defined as never having owned a property in the past) and have no background properties on the application. Both applicants must have indefinite right to reside in the UK. The high-level criteria is below: The product is available on pre-existing houses only. New build properties are not eligible, flats are not eligible and properties in Northern Ireland are not eligible. Maximum LTV – 99% Minimum Deposit - £5000 Further details including purchase price and loan size and term criteria can be found here.
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