GHL Group launches Rooftop sub-prime products

Guaranteed and Genesis Home Loans has launched a range of sub-prime products funded by Rooftop Mortgages.

The exclusives are all two year fixed products based on the current Rooftop core range, but with a reduction in the rates.

There are seven products available in total, with six of these being residential, split between full status and self-cert, whilst the seventh is a buy-to-let portfolio scheme.

Rates for the residential products start from just 5.69% fixed for two years and there are no extended tie-ins on any of the products.

The Early Repayment Charge for all schemes is 6% for two years, thereafter 1% or four weeks notice.

Loans are available up to 90% LTV for both purchase and remortgage on all the residential products, and the adverse credit allowed on each varies between very light and light combi.

The light combi status scheme has a two year fixed rate of 5.95%, and offers full status loans of up to 1m (subject to LTV restrictions) as well as income multiples of up to five plus one or 3.5 x joint.

Up to four CCJs with a total value of 1,000 are acceptable, as are arrears of one missed in the last 12 months (subject to none being missed within the last three months).

Additionally, a past IVA or Bankruptcy will be allowed providing that it is completed or discharged over 36 months ago.

The buy-to-let portfolio product provides a facility for current buy-to-let landlords to borrow up to 3m with no restriction on the number of new properties purchased.

This scheme can be utilised for both purchase or remortgage up to 85% LTV and does not require proof of the anticipated rental amount.

The two year fixed rate is just 5.95% and further features of this great product include, the availability of the scheme to ex-patriates (maximum 80% LTV) and the allowance of up to a 5% builders deposit.

Adverse credit including historic CCJs, arrears, IVA and bankruptcy are all permitted subject to certain restrictions.

John Smith, sales and marketing for GHL Group, says: We have a very strong and successful working relationship with Rooftop Mortgages and we are constantly looking at ways to improve the level of business we provide it.

We are therefore delighted to have been given the opportunity to promote these fantastic products and we are certain that these will prove highly popular amongst our network members and directly authorised brokers.