View more on these topics

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.

Recommended

Countrywide in £250m protection deal with Friends Provident

Countrywide Assured has snapped up the Friends Provident estate agency network in a £250m deal to sell the life company&#39s mortgage-related protection products for 15 years. Countrywide, Britain&#39s biggest estate agency, now has 842 outlets in the UK but will cease to manufacture mortgage protection products. Countrywide chairman Christopher Sporborg says: “With the new polarisation […]

Investors rush to buy off-plan

Buying properties before they are built is the first choice for investors looking for property to rent, claims the latest survey commissioned by The Property Investor Show. More than one thousand people have already registered to attend the show, which is at ExCeL in London on September 20- 22. With four weeks still to go, […]

Skipton launch new two year fixed rate

The Skipton Building Society has launched a new 2-year fixed rate mortgage, offering borrowers an interest rate fixed at 3.99% until November 30 2004. Key features of the mortgage are: o Concessionary mortgage discount scheme 0.30% discount off variable rate (currently 5.70%) in years 3 and 4 and 0.50% discount off variable rate (currently 5.70%) […]

New nominal rate and buy-to-let deals from Bristol & West Mortgages

Bristol & West Mortgages has lowered its nominal rate to 6.5% from 7.75%. This means that all minimum rental yields will be calculated on this rate, except for the five-year fixed products, which still use the actual rate. For example, when a buy-to-let loan application is considered, theamount of money offered to the customer is […]

Thumbnail

Health Shield joins the Association of Medical Insurance Intermediaries

Health cash plan provider Health Shield has joined the Association of Medical Insurance Intermediaries (AMII) as a corporate member. The non-profit-making Friendly Society is one of eight health cash plan providers to join the intermediary trade body, which is looking to establish working parties with intermediaries and providers on issues such as product innovation and regulation.

Newsletter

News and expert analysis straight to your inbox

Sign up