View more on these topics

Britannic Money freshens up its flexible sub-prime mortgage

Britannic Money has announced an enhancement to its sub-prime mortgage – the Flexible REStart Homeloan (FRESH).

With immediate effect the self-cert option on its sub-prime mortgage product will be available to employed applicants.

FRESH Product details:

• Daily interest calculations

• All products track three-month LIBOR for the life of the loan

• 1.55% discount for 12 months

• The flexible allowance allows overpayments, underpayments & payment holidays up to 10% of the original capital balance per annum within the ERC period.

Bob Perks, Britannic Money business development director, says: “The FRESH approach encourages those with previously impaired credit to manage their money more effectively by planning in advance to cover mortgage payments.

“These FRESH enhancements further illustrate our innovation in the flexible mortgage market. Not only are we opening up a whole new avenue for potential borrowers, but also through the increased packager network, we have made it even easier to submit cases to us.”

Recommended

Correspondent lenders reject Basel warnings

Correspondent lenders have rejected the idea that their operations could be put under pressure by plans to change capital adequacy in the Basel Capital Accords.Though the model is widespread in the US, the UK is the only EU country to use it. With proposals to change capital weighting for mortgage loans under consideration by the […]

BSA warns of rising consumer debt dangers

BSA chairman Graham Stowe and FSA managing director John Tiner last week warned members of the Building Societies Association of the dangers of consumer debt exposure.Speaking at the BSA annual lunch, Tiner told members: “Borrowers should find it easier to service high levels of debt while consumers continue to benefit from discount borrowing, but if […]

Brussels sprouts a last-minute spoiler

No sooner has the deadline for responses to CP146 closed when it begins to emerge that Mortgage Day – the day in 2004 when the UK mortgage market becomes regulated – may never actually happen anyway. If those ever-meddling Brussels beaurocrats get their way you can kiss goodbye to the current FSA proposals forever.As we […]

Banking code changes to benefit savers

Changes to the banking code mean that banks and building societies will have to notify savings customers of falling interest rates, and will also enable consumers to switch current accounts more easily. With the Bank of England interest rate at a 40-year low, mortgage borrowers are enjoying low repayment rates. But there is concern among […]

Building long-term relationships

Call us old fashioned, but we want to get to know you personally. That’s why we give you a named case manager and underwriter to look after all your cases from start to finish. Your underwriter will happily give you their number, so you can ring them directly with any questions you have. And your […]

Newsletter

News and expert analysis straight to your inbox

Sign up