Related topic: discounted mortgage

The new product is designed to provide brokers and their clients with greater flexibility when seeking short-term lending solutions.

Previously, the Bank required customers who were buying a property in this way to contribute a minimum 5% deposit from their own personal funds.

The Society has also reduced rates across its mortgage ranges by up to 0.36%.

The pair of products are designed to support brokers placing remortgage business at lower LTV levels.

The refreshed range spans first-time buyer, Credit Revive, Credit Restore, later life lending and buy-to-let.

The rate has reduced to 4.81% following a cut to the Society’s SVR.

The lender has also increased maximum loans sizes on second charge and consumer buy-to-let.

Borrowers can now make capital repayments of up to 25% per year without incurring ERCs.

Variable rates have reduced on LTVs up to 95% across purchase and remortgage products.

The lender has reduced rates on its first and second charge discounted products by 25bps.