MEX launches new self cert deals

Mortgage Express has launched a range of two-year fixed rate deals on self-certification mortgages.

The move comes in direct response to recent broker research indicating strong consumer demand for two year deals.

Key features of the fixed rate products include a 90% LTV, with a 999 fee, a pay rate of 5.49% until September 30 2008 and 5% ERC in two years, a 85% LTV, with a 599 fee, a 5.79% payrate until September 30 2008 and 5% ERC in two yrs.

All products revert to product variable rate of BoE base rate + 2% after the discounted rates come to an end, regardless of LTV

Mortgage Express have also launched two year discounted rates at 75% (1.81% discount for two years), 85% (1.52% discount for two years) and 90% LTVs (1.05% discount for two years).

All products revert to product variable rate of BoE base rate + 2% after the discounted rates come to an end, regardless of LTV

Emma Paine, product development manager at Mortgage Express, says: These are the first two year products in our Self Certification portfolio and have been launched to offer borrowers a competitive rate with no extended redemption penalties. Our research indicates a growing desire for the flexibility a shorter deal offers and we have responded to this need.