GE to return to purchase market
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GE Money Home Lending is to relaunch into the purchase market through its igroup brand at the Mortgage Business Expo next week, Mortgage Strategy can exclusively reveal.
Manor Mortgages along with a limited group of mortgage distributors have been selected to launch the new range.
Up until now GEMHL has focused its business on remortgages, not purchases.
The products will include a one-year discount product at 4.99%, a two-year fixed rate at 5.59% and a three-year fixed rate at 6.04%, up to 70% LTV and for properties up to £500,000.
It has also reduced its completion fees, for the one-year discount it will charge £995, for the two-year fixed rate £1,495 and £1,995 for the three-year fixed rate.
James Harries, sales and marketing director at Manor Mortgages, says: “We are delighted to offer these extremely competitive deals with GEMHL. Having worked closely with them on their remortgage range over the last few months, this move to now include purchases and to revisit the pricing in the build up to the end of the year is a real sign of their commitment and will be well received by all.”
Gerry Bell, head of marketing at GEMHL, says: “We wanted to relaunch back into the purchase market and give brokers a more considered package of products. We recognise there is a shift in the market to purchases.”
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Readers' comments (6)
Rod Eastern | 6 Nov 2009 2:49 pm
Can't see much business being written with those rate/fee combinations - way off the price of mainstream products
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Aaron | 6 Nov 2009 2:55 pm
Adverse credit loans at 100% ltv... excellent!
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Marcus | 6 Nov 2009 4:52 pm
More greenshoots.....
However, what the market is crying out for is higher LTVs and more adverse products.
Just think how many people will fall into the adverse category after this economic downturn....millions
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Anonymous | 6 Nov 2009 4:59 pm
they need some pretty strong USPs with these rates..
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J shakespeare | 7 Nov 2009 11:31 am
How can they say a fixed rate product of 6.04% is competitive at 70 LTV when N Rock & Nationwide are offering same deal at 3.78% if they really want to do business bring in higher LTV or accept adverse!!
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Anonymous | 8 Nov 2009 4:49 pm
Seeing as the remo market is pretty much flat on its arse at the moment and the purchase market is picking up i would have thought offering purchase products would be a better move?
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