FNMC aligns self-cert and full status rates

First National Mortgage Company has brought starting rates for self-cert 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&#39s standard variable mortgage is 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&#39s 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&#39s 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. We don&#39t, so any self-certified applicant coming to us will get the same deal as a full-status customer.”