Published 17 October 2012 · Last reviewed 22 October 2012 · Older article — see current rates

The initial mortgage rate is 4.59% which represents a discount of 0.6% of the lender’s standard variable rate.

As well as purchases, it is available for remortgages which is quiet unique to the 90% level.

What’s more the mortgage setup fees are very low: with a £200 booking fee; and an arrangement fee of £400. This is because the product includes a free standard valuation on properties up to £250,000, with a contribution of £240 towards the valuation of properties worth more than £250,000. For remortgages, there is a basic legal service up to the value of £250.

Unsurprisingly this 90% mortgage has restricted distribution, including Niche Advice, to help the lender maintain good service.

Please note:

This product is aimed at clients who will need to obtain a very good credit score as such there can be no adverse credit issues.

The income multiples are:
Single applicants: 4x income
Joint applicants: The higher of 3x joint income OR 4x the first applicant’s income plus 1.25 the second applicant’s income.

So if you are looking for a mortgage with just a 10% deposit or 10% equity then you have just found an excellent one!

Payam Azadi is a partner at Niche Advice Ltd who are Independent Financial and Mortgage Advisers in London.