Genesis Direct launches N&P funded tracker

Genesis Direct has joined forces with Norwich & Peterborough in the launch of a limited funds, fees-free remortgage special.

Genesis Direct, the direct submission service of correspondent and branded lender Genesis Home Loans, has introduced a bank base rate tracker at 0.50% above BBR for the term of the mortgage. The deal gives a current pay rate of 4%, has no early redemption fees and is available for both purchases or remortgages up to a maximum 90% LTV.

Remortgaging clients also benefiit from a free standard valuation report and free legal service. For new purchases the free standard valuation is a real attraction, as is the peace of mind of having no early repayment charges.

Both employed and self employed clients are eligible for this new scheme – including first-time buyers – which offers enhanced multiples of up to 3.5 + 1 or 2.7 x joint income. The arrangement fee is £299, which can be added to the loan, and the minimum loan amount is £50,000 on either purchase or remortgage.

John Lee, head of sales and marketing at Genesis Home Loans, says: “We are delighted to be able to offer this product to our intermediaries as it represents real value for the client, with a low, long-term rate and no early redemption fees, plus free legals and valuation.

“With such a good deal on offer we are sure that it will be popular amongst brokers and their clients, but with a limited tranche of funds available it may not last long.”