View more on these topics

Genesis make splash with &#39Great Lakes&#39 mortgage deals

Genesis Home Loans has launched five new products inspired by the &#39Great Lakes&#39 of the world.

Covering the prime, buy-to-let and self certification markets, the products are funded by lenders including Bristol & West and The Mortgage Business, and are the first to come from Genesis Home Loans&#39 membership of the Mortgage Packagers Co-Operative.

Genesis Superior is a prime product with a 2.06% discount until January 31 2005, giving an initial pay rate of 3.89%. Superior is available for purchase and re-mortgage up to 95% LTV, with no higher lending charge and no redemption overhang.

Genesis Huron is the first of two buy-to-let products at 0.85% above Bank Base Rate for three years, which equates to a current pay rate of 4.85%. It offers a low minimum loan of £15,001, no redemption overhang and can be used for purchase and re-mortgage up to 85% LTV.

The second buy-to-let product – Genesis Ontario – offers 1.29% above bank base rate for the term of the mortgage, with a current pay rate of 5.29%. A self certification facility is also available on this 85% LTV scheme that offers no redemption penalties at any time.

Genesis Erie is a self certification product available for both employed and self employed clients with a 1.60% discount off SVR until Jauary 1 2004. This gives an initial rate of 4.24% and this can be used for purchase and re-mortgage for all clients including first time buyers.

The final new product – Genesis Michigan – is also for self certification but with flexible facilities, at a rate of 0.99% above bank base rate for two years (pay rate 4.99%), then 1.49% above bank base rate in year three (pay rate 5.49%). Available up to 85% LTV, the flexible benefits include no redemption penalties, a drawdown facility and payment holidays.

Barry Robson, managing director of Genesis, says; “These new products represent the start of an exciting new partnership with the Mortgage Packagers Co-Operative – one that will provide us with a constant stream of highly competitive mortgage schemes.

“This association, in turn, will ensure that we continue to strengthen our name and brand in the marketplace and offer the best possible range of products and facilities.”


CEBR predicts slower housing market for 2003

A fall in mortgage equity withdrawal will mean the consumer boom runs out of steam in 2003, predicts the Centre for Economic and Business Research. The CEBR forecasts consumer spending growth down to 1.1%, in contrast to 4.1% in 2001 and 3.4% in 2002. Mortgage equity withdrawal rose from 3.8% of consumer spending in 2001 […]

Keeping it discreet

From Steve ScholesScottish Life Mortgages has 26 lenders on its panel who provide a vast range of products to meet customers needs both online and offline through its Mortgage Club and packaging facilities. SLM also offers virtual banking facilities such as general insurance and personal loans. We have developed direct download functionality with key lender […]

The Mortgage Mole

Tri harderThe standard cover letter produced by a white-labelled version of Trigold&#39s Prospector software lets down the system&#39s hi-tech image. The cause? That most human of errors, a spelling mistake. One broker tells Mole: “I don&#39t send the automatically-produced cover letter to my clients because it has the exotic word &#39consititute&#39 in the first paragraph […]

First Mortgage Options offers CeMAP training

Mortgage brokers who have not yet passed CeMAP are being offered a professional lifeline by specialist packager First Mortgage Options . FMO is rolling out a CeMAP training programme to the broker community on a weekly basis from January 28. The programme of CeMAP 1, 2, 3 and Bridge modules has already catered for the […]

Life cover for life

Jennifer Gilchrist Proposition Lead – Design, Royal London When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that way because before the arrival of RDR in 2013, that’s more […]


News and expert analysis straight to your inbox

Sign up