After being withdrawn towards the end of last year, Genesis Challenger is back after being relaunched by Genesis Home Loans with a new rate and improved criteria.
Genesis Challenger now offers a self certification facility for applicants looking for a 'no reference' purchase or remortgage up to 85% LTV. The low current pay rate of just 4.85% gives the security of a rate 0.85% above Bank base for the full term of the mortgage, unlike similar schemes that offer a low rate but for a short period only.
The product is available for both employed and self employed, including first-time buyers, and the new criteria means that self employed applicants need only have been trading for one year to be eligible for a mortgage. Similarly, employed applicants are only required to have been in their current job for three months, as long as they have at least one year's continuous employment. A simple telephone check with the client's employer or accountant is the only 'reference' taken on this scheme.
Other benefits of the Challenger product are low, reducing redemption penalties, fast underwriting with almost no paperwork required, loans of up to £500,000, no higher lending charge and capital raising remortgages allowed for virtually any purpose.
Nigel Gardner, business development director for Genesis Home Loans, says: “Challenger was always very popular from the first day we offered it to the marketplace, and it was greatly missed by our intermediaries when the funding for it was exhausted. Now that we are able to offer it again – with better a rate and more relaxed criteria – I am certain it will be well received once more. We expect to receive large volumes of business on this product.”