Afin Bank in May abolished the product fee on its 95% Loan-to-Value (LTV) five-year fixed rate mortgages for successful applications.
The free product fee offer is available on five-year 95% fixed rate LTV mortgages in Afin’s top range, at a rate of 6.49%, and the Professional range, at a rate of 6.34%, for loans up to £500,000.
Afin is already offering free legal fees for mortgage refinancing in May, saving borrowers £900 on standard legal fees for mortgages under £1 million, rising to an average saving of £1,800 for loans between £1 million and £2 million.
Afin bank National Sales Director Rob Lankey says: “Things are tough for buyers right now, especially with interest rates rising. By eliminating the product fee on our 95% LTV mortgages, we want to help borrowers free up their money a little more so they can potentially buy their own home with as little as a 5% deposit.”
“A saving of £1,495 could be particularly useful for first-time buyers looking to balance deposit requirements with other costs such as legal fees and moving costs. By opting for a five-year fixed rate, they also fix their monthly repayments during a potential period of interest rate volatility.”