UCB fund launch of self-cert product with mortgage distributors

UCB Home Loans is funding the launch of an exclusive two year fixed self-cert mortgage with Openwork and Premier Mortgage Service.

The product has a rate fixed at 4.99% (APR 6.7%) for two years and provides both purchase and remortgage customers with a free standard valuation, a saving in up front fees of between 230 and 730.

There is no overhang redemption penalty after the first two years and borrowers can also make overpayments up to 500 per month. The product is available up to 85% LTV, is portable and can be used for capital raising. There is an arrangement fee of 330 and reservation fee of 75.

John Malone, managing director of PMS says: As one of PMS founder lending partners, we are delighted to launch such a competitive self-certification product.

Karen Hedges from Openwork says: With so many lenders incentivising remortgage products at the moment, its refreshing to see a product with a free valuation on purchase business too, whilst at the same time giving customers a very competitive rate. I fully expect this product to be popular with our members.