The Gemstones sub-prime range from correspondent lender Genesis Home Loans has been revamped for the new year.
Changes have been made across the range, with improvements to the loadings above SVR, increases in the level of CCJs and arrears, and shortened timescales in which these are allowed by the lender. In addition, the discount rate options – which vary from 0.50% to 1.25% – have had their end dates extended until June 30 2004.
The Gemstones range itself offers 10 products for purchase and remortgage, with full status (up to 95% LTV) and self-certification (up to 90% LTV) schemes available to all clients. The whole spectrum of adverse credit can be catered for including CCJs, mortgage arrears, bankruptcies and IVAs, whilst all defaults are automatically ignored.
Highlights of the range include Aquamarine, a 95% LTV full status product that will allow for two mortgage arrears in the last 12 months and £3,000 of CCJs (none in the last six months) and a bankruptcy or IVA if cleared or satisfied one year from application. This is available for both purchase and remortgage at an initial rate of 6.99% until 30 June 2004, including a 1.25% discount.
Turquoise is a 90% LTV self-certification product and, like Aquamarine, is available for purchase and remortgage with an initial rate of 6.99%, including the same 1.25% discount. The adverse limits on this scheme are slightly greater, with two mortgage arrears in the last 12 months (none in the last six), £5,000 of CCJs (none in the last three months) and a bankruptcy or IVA if cleared or satisfied one year allowed.
Nigel Gardner, business development director for Genesis, says: “The Gemstones range has always been popular due to the complete coverage it offers in its market sector and the competitively priced rates available. However, we cannot afford to relax and presume that this popularity will continue unchallenged, which is why we have made these changes to sharpen up our products and ensure that they remain one step ahead of our competitors.”