The lender has also increased its maximum mortgage term to 35 years, across both its first time buyer and home mover products.
To further support first time buyers, M&S Bank 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, ideal for a group of friends or siblings who want to realise their dream of home ownership, but perhaps wouldn’t be able to do so alone. As well as first time buyers, this innovative feature can be utilised across M&S Bank’s product range by both home movers and those remortgaging.
With families increasingly looking into ways to support loved ones with achieving their ambition of purchasing their own home, 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.”