Preferred Mortgages has launched its extra light mortgage product with a discount of 1.50% until February 28 2005 – providing rates from 4.40%.
The discount will apply across the whole range up to 90% LTV. Other features include self-cert and self-employed purchases up to 90% LTV; remortgages up to 90% LTV; mortgages up to £1m; choice of fees added to the loan; and up to £1,000 of CCJs per applicant and one month's arrears outstanding allowed at application.
Simon Biddle, marketing development manager at Preferred, says: “People's circumstances are changing. Figures from the Council of Mortgage Lenders show that the number of mortgage arrears is now significantly lower than five years ago. This product is designed for customers who do not want or need the rates involved in heavier adverse products.”