County Homeloans has re-introduced its No Income Declaration self-certification mortgage – the only scheme of its kind currently available in the UK.
The product, which does not call for any income to be stated or proofs of income, has been repriced and has now been re-introduced by County because of broker demand.
Most other lenders require some form of stated income on their self-certification mortgage applications, however, with County's self-certification product, the client only has to pass a credit score. If successful no referencing is required, only a telephone call to the employer or accountant. Once the valuation has been carried out the case is then ready to be offered.
Tristan Pile, director of County Mortgages, says: “Following the launch of our No Income Declaration product earlier this year we received a huge level of interest, mostly due to the fact that applicants are not required to state their level of income on the application form. We are now relaunching the product with additional funding made available. However, we encourage brokers interested in this product to contact us swiftly, given that funds allocated will be limited.”
The MIG-free product is available from 4.99% and discounted until July 1 2005, or alternatively as a base rate tracker. Maximum LTV is 90% for both mortgages and remortgages and the advance threshold is £500,000.
Redemption penalties are payable during the first two years of the mortgage; 3% during year one and 2% during year two. Up to 25% of the loan can be paid per annum without penalty.The procuration rate is 0.5% and an arrangement fee of £495 is payable, but can be added to the loan. There are no compulsory insurances.