Bananas deal targets people in sub-prime arrears

Borrowers with sub-prime mortgage arrears are being targeted with a product from Bananas Inc.

The product, which is funded by High Street Home Loans, will lend up to 85% LTV to people with arrears of any amount and offers three-year fixed rates from 7.29% and free legal services. It comes with loadings for self-cert and is suitable for purchase and remortgage.

There is no higher lending charge and no extended tie-in. An early repayment charge of 6% applies.

Sue Cox, business manager at Bananas Inc, says: “This gives people with arrears the chance to restore their standing and buy their next home.”

David Mead, director at, says this deal could allow borrowers to get back on their feet.

He says “People can get into financial difficulties for many reasons and this type of product gives them a chance to stabilise their situation.”