First National Mortgage Company has bought starting rates for self-certified applicants into line with those for full status applications on ranges of both standard variable mortgage and remortgage products.
The self-certified version of FNMC's standard variable mortgage is now available on a fixed rate of 5.49% until February 2005, or at a rate of 5.74% fixed until February 2008.
Self-certified applicants for FNMC's remortgage cashback can take the option of a fixed rate of 5.99% until February 2005, or can take a 2.99% discount on the product's standard rate. This gives a starting rate of just 5.75% – the same as the current discounted rate for full status applications.
The new rates are available to both employed and self-employed applicants. Mortgages taken out by self-certified applicants on the new discounts and fixed rates will revert to the Self Certified Variable Rate (currently 6.24%) at the end of the discounted or fixed rate period.
Gerry Bell, head of customer marketing, says: “Most lenders tend to penalise self-certified applicants. At First National we don't take this approach, so any self-certified applicant coming to us will get the same standard deal as any full-status customer.”
The discount on FNMC's Low Start Discount Mortgage has also increased to 2% off SVR in the first year, making a current starting rate of just 3.74% until August 2003. The initial discount is followed by 1% discount off SVR to February 2004, with the reductions balanced by a loading of just 0.25% above SVR until February 2006.