GE partners get improved deals

GE Money Home Lending is to offer its key partners improved products on its First National semi-exclusive range, including a 500 reduction on completion fees.

As part of the deal, partners will benefit from lower initial rates plus improved reversionary rates and early repayment charges. The lender is also offering 500 off completion fees which are now just 99 on First National products with LTVs up to 85%. This offer will be available for a limited time and excludes First National’s semi-exclusive prime range and all products with LTVs of 85% or above.

David Hollingworth, mortgage specialist at London & Country, welcomes the reduction in fees.

He says: “Fee incentives are positive for the market, especially for sub-prime cases. The last thing those who are struggling with money need is higher costs because of fees. Cutting fees improves a product.”

Judith White, national sales manager at GE, says: “We’ve seen a huge growth in our branded lending business and First National has been working closely with its partners to develop its semi-exclusive product range.

“These changes and the signing up of Genesis Home Loans, Praxis Mortgage Solutions and LMS as new key partners reinforces First Nat-ional’s commitment to the packager community.”

She adds: “Our offer of a 500 reduction in completion fees coupled with a reduction in initial and reversionary rates and improved ERC terms will make this offer compelling.”