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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 Flexible-mortgage.net, 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.”

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