Fresh approach for Britannic deal

Britannic Money last week enhanced its sub-prime mortgage – the Flexible REStart Homeloan.

Under the new terms, the &#39self-cert&#39 option on its sub-prime mortgage product will be available to employed applicants. They will now be able to use additional income such as rent or share dividends when applying for a mortgage.

And FRESH is now available through more specialist mortgage packagers.

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

“I think the enhancements illustrate our aim to be innovators. Not only are we opening up a whole new avenue for potential borrowers, but also, through the increased packager network, we have made it easier to submit cases to us.”

FRESH has daily interest calculations and tracks three-month LIBOR (London Inter Bank Offer Rate) for the life of the loan. A 1.55% discount is available for 12 months and the flexible allowance permits overpayments, underpayments and payment holidays.