As a recently merged company, Guaranteed and Genesis Home Loans has announced the launch of two semi- exclusive, near-prime products funded by Lambeth.
Being one of only two mortgage providers with access to the new schemes, Guaranteed/Genesis will offer these products to their network of appointed representatives via their joint packaging facility based in Maidstone, Kent.
The products themselves both offer a discount from the standard variable rate until November 30 2007 and can be utilised for purchase or remortgage up to a maximum 80% LTV. The first of these boasts a sizeable 1.75% discount until November 30 2007, giving an initial pay rate of just 4.99%, and has early eepayment charges of 4% until November 30 2008.
The second of the two products benefits from having no extended tie-in, and this time is discounted by 0.85% until November 30 2007, which provides an initial pay rate of 5.89%. The ERCs are 4%, as with the first product, but this time, only applicable until the end of the discount period.
Although these products are near-prime they offer adverse credit limits normally associated with heavier adverse schemes. Both rates will allow for 1,000 of unsatisfied County Court Judgements, though none in last three months.
They will also allow for all defaults to be ignored as long as there are none in last six months, and one missed mortgage payment within the last 12 months, though again as though as there are none in last six months.
Furthermore, previous bankruptcies will be acceptable if cleared three years, individual voluntary arrangements will be allowed if cleared and past repossessions can be accepted if they were over three years ago.
John Smith, managing director of Guaranteed Home Loans, says: We are delighted to be given the opportunity to promote these great new products from Lambeth, and we are certain they will be well received amongst our ARs. The launch of these is an important step for both Genesis and Guaranteed as it signifies the start of a new phase in the packaging facility we offer our network.
“With the strength the merger has provided our two companies, we are now in a position to begin implementing a new business plan which we believe will not only offer our ARs an increased choice of lenders and exclusive products, but also a superior level of broker service and customer care.