Independent mortgage adviser Charcol is leading the way with a new product concept – bulk-buy mortgages.
The leading intermediary has teamed up with three major lenders – Birmingham Midshires, GMAC and Woolwich – to unveil an innovative product range which increases benefits for customers as more people sign up.
According to Charcol, each product in the range has a market-leading rate even before the bulk-buy benefits begin. Once a set number of applications are received, benefits are enhanced for all applicants, meaning everyone can take advantage of the final rate achieved.
Products are available for two weeks, or until they sell out. When the offer closes, customers are notified of the final specifications, or alternatively they can check the progress of the product on Charcol’s website.
Products included in the deal are Birmingham and Midshire’s two year discount mortgage, offering a final enhancement of £400 cashback and up to 10% penalty free repayment each year, GMAC’s two year fixed mortgage, offering a fixed rate of 5.39% or 5.59% depending on LTVs and £385 cashback, and Woolwich’s Open Plan remortgage-only loan, with increased cashback of £650 or free legal fees and £350 cashback.
If the final enhancement level is not reached, customers can decide not to proceed and will have their £49 booking fee refunded.
Ray Boulger, senior technical manager at Charcol, said: “As an independent broker, Charcol has spent the last six years building up considerable buying power within the UK market, and we are always looking for new ways to use this to our customers’ advantage.”
Simon Knight of GMAC added: “We are delighted to be involved in kick-starting this exciting new mortgage concept which represents the ideal ‘win-win’ scenario – the more business we attract, the better the deal for the consumer.”