New adverse credit fixed products from Genesis

Correspondent lender Genesis Home Loans has released four new, low cost, fixed rate products as part of its Planets & Moons adverse credit range.

The rates – which are all fixed until 1 October 2003 – are dependent on the LTV of the mortgage required and start at 4.99% up to 65% LTV. At 75% LTV the rate is 5.49% with 5.99% being offered up to 85% LTV and finally 6.99% the rate available up to the maximum 95% LTV.

All these rate options can be used across the range for purchases and e-mortgages, both full status and self certification, although not in conjunction with a right to buy or regulated loan mortgage. Redemption penalties are 6% for 3 years, with one month&#39s notice or 1% of the amount redeemed thereafter. Other features include a minimum loan of £25,001, and daily interest charging.

Nigel Gardner, operations director for Genesis Home Loans, says: “We feel that these new fixed rate products will really give us the edge over our competitors by offering the security that a fixed rate affords, but at rates normally reserved for more &#39standard&#39 clients. Combining these fixed rates with our existing discount products, should ensure that Planets & Moons now offers one of the widest selections of rates and schemes currently available in the non conforming market.”

The range offers various schemes from light to heavy adverse credit for all types of clients. Mortgages up to 95% LTV are available and most have the option of self certification for both employed and self employed applicants. All schemes have SVRs based on LIBOR plus a loading and allow for CCJs/defaults, mortgage/rent arrears, IVA/bankruptcy and past repossessions.