Good news for buyers as intermediaries offered high value loans

Posted: 25 Jul 2008 11:59:53 GMT

In a move which it hopes will help ease the slowdown in the housing market and free up lenders, the Mortgage Works has launched a new large loans proposition for intermediaries.

Under the new scheme, mortgage advisors will be able to apply for loans of up to £5 million for their high net worth clients, which will be good news for those hoping to secure a substantial loan on a property.

Andy McQueen, managing director of The Mortgage Works, explained the benefits: "Brokers who have prime, high net worth clients who have the ability to repay these large loans may benefit from this additional suite of products with which to service their clients."

He continued: "The addition of a premier service in London dedicated to supporting intermediaries applying for these products means brokers, and their clients, are also guaranteed excellent service levels."

The loans are being offered to some 20 intermediary firms initially and will allow brokers who have high net worth clients to apply for loans of between £500,000 and £5 million.

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