Preferred Mortgages has marked the launch of its extra light product by offering discounts across the range until February 28 2005.
Available up to to 90% LTV, with competitive rates from just 4.40%, Preferred says the extra light products have been designed to be attractive to both intermediaries and customers.
Key features of the new product includes a 1.50% discount until February 28 2005, self-cert for the self-employed for purchases up to 90%, remortgages up to 90% and the fee can be added to the loan.
Simon Biddle, marketing development manager, says: “The individual's circumstances are changing, figures from the Council of Mortgage Lenders show that the number of mortgage arrears is now significantly less than five years ago. This new product is designed for customers that do not want, or require, the rates involved in heavier adverse products.
“The new product reflects Preferred Mortgages' focus on continuous product development by working with intermediaries. Following sourcing system research, for the level of adverse the extra light product offers, few lenders have both features of self-certification and remortgages up to 90% LTV.”