Sesame and PMS launch exclusive mortgage deal

Sesame and PMS launch exclusive mortgage deal

Sesame and PMS have launched an exclusive fixed rate product to appointed representatives of its network and members of its mortgage club.

Offered through Leeds Building Society, the mortgage is available for purchase customers at up to 95 per cent loan-to-value.

The product is 3.79 per cent fixed for two years and includes a free standard valuation for customers.

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It has no up-front booking fee and a £199 arrangement fee, which is payable on completion.

Rob McCoy, senior product manager at Sesame Bankhall Group, said the product was ideal for first time buyers as well as those homemovers with smaller deposits.

He said: “This will be amongst the most competitive products in the market and will, I’m sure, be popular with our members.”

In July Sesame closed its investment adviser network as a result of a strategic review by its owner Friends Life - now part of Aviva.

Forty of its firms - or 11 per cent - had their permissions reduced to stay with Sesame as mortgage advisers.

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Daniel Bailey, a mortgage broker with Derbyshire-based Middleton Finance, said: “It is a very competitive rate. When I speak to clients they can afford the repayments but it is the deposit they struggle with so it is good to see a higher LTV.

“There are pros and cons to lenders offering exclusive deals to networks. I can understand why they do it because the concern they may have is that if they open it out too widely a lot of people will apply and they have to be able to manage the level of applications but it would be nice if they opened it up to all brokers.”