Trustguard is offering a 90% LTV self-cert range funded by Kensington.
Rates range from Bank base rate plus 1.69% for a two-year self-cert tracker. The no-overhang range is available to prime first-time-buyers, the employed and self-employed and is for purchase and remortgage.
In addition to a two-year tracker, there is also the option of either a two-year fixed at 6.99% or a three-year fixed at 6.89%. The early repayment charge is 5% of the redeemed amount during the fixed or tracker period.
A completion fee of £1,999 can be added to the loan above the maximum LTV. There is no higher lending charge and the maximum loan size is £500,000.
Overpayments of up to 10% are allowed per year. Applicants should have no County Court judgements within the last three years, no arrears during the past 12 months and no defaults in the previous three years. They should also have no individual voluntary arrangements and must never have been a bankrupt. The reversion rate is BBR +2%.
Sian Brown, national sales manager at Trustguard, says: “There is a gigantic hole in the market where 90% LTV self-cert products used to be.
“Lenders have pulled out of this area in a big way leaving thousands of brokers’ clients high and dry. You can virtually count the competitive products on the fingers of one hand. This range is going to help a lot of brokers place their applications.”