View more on these topics

Genesis relaunches Challenger

After being withdrawn towards the end of last year, Genesis Challenger is back after being relaunched by Genesis Home Loans with a new rate and improved criteria.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 &#39no reference&#39 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&#39s continuous employment. A simple telephone check with the client&#39s employer or accountant is the only &#39reference&#39 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.”


Tell their Lordships what you think of regulation

From Brian LentzI am writing to urge brokers and IFAs to express their views on forthcoming regulation of mortgages and other financial services to the House of Lords. The Lord&#39s Constitutional Committee is currently reviewing the constitutional implications of all proposed legislation, as well as that which underpins government bodies such as the FSA. The […]

GMAC Commercial Sets sights on UK

GMAC Commercial Mortgage Europe has launched an assault on the UK buy-to-let market with the opening of a new office in London&#39s West End. GMACCM Europe offers a range of services for the European commercial real estate industry including lending, equity co-investment and servicing. James Dalton, president of GMACCM Europe, says: “Our current pipeline is […]

New life assurance policy from Britannic

Britannic Assurance has launched a new life assurance policy that provides a cash sum if the life assured dies before the end of the policy, but also gives a proportion of the premium as cashback if they survive. The policy can be taken out by customers aged between 18 and 49 and lasts for 15 […]

Northern Rock profits climb 18%

Northern Rock has reported record pre-tax profits of £326m for 2002, an 18% increase on 2001. Gross lending reached £14.1bn, an increase of 60% over 2001. Net lending was a record £8.2bn – an increase of 61%. Northern Rock&#39s total share of UK net mortgage lending came to 9.2%. The mortgage lender forecasts a quieter […]


News and expert analysis straight to your inbox

Sign up