LMC has also launched a 2% discount until December 31 2005, and a separate 1.75% discount until June 30 2006. Both special payment options are available on all of LMC's current products.
Kelvin Cooper, managing director of SMS, says: “This is a welcome addition to SMS' broker armoury. It adds an extra dimension that extends our ability to fulfil client expectation. Clients with adverse credit can sometimes be turned down because of restricted income multiples. LMC have looked at the problem and come up with an enhanced product.'
Mark Wilson, sales director of LMC, says: “Market research highlighted the need to launch both a self-certification product and a full status product which meets the needs of borrowers who have higher levels of impaired credit.
“At a time when many lenders are concentrating on developing low adverse or near prime mortgage products, we felt that it was important to address the needs of high adverse credit borrowers as this is an area of the mortgage market which has not been so readily served with specialist mortgage product solutions.”