Alliance & Leicester PlusMortgage for first-time buyers

Alliance & Leicester has urged first time buyers to consider its PlusMortgage product.

Jeremy Claridge, the head of specialist mortgages at Alliance & Leicester said:  “When innovative products come onto the market, it’s important they actually fill a gap and help those who need it most.  Rising interest rates and house prices mean first-time buyers need flexible products that will help them get onto the housing ladder.”
The PlusMortgage package combines a 100% LTV mortgage with a personal loan, which allows borrowers to make unlimited overpayments on the loan.

According to their research, Alliance and Leicester says that 73% of mortgage brokers believe a bundled product such as the PlusMortgage is of real benefit to first time buyers.

Abbey recently claimed that a growing number of first-time buyers are using brokers for advice on what mortgage is best for them; with 28% of those aged between 25 and 34 speaking to intermediaries before buying, compared to 2% of those aged over 65.