Genesis Home Loans has launched five new products inspired by the 'Great Lakes' 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' 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.”