Freedom Lending, the specialist mortgage subsidiary of Merrill Lynch, has launched a near prime two-year discount self-cert mortgage exclusively via the Alliance of Mortgage Packagers and Distributors.
The two-year discounted rate with rates starting from 5.58%, self-certification up to 90% LTV, £1000 of CCJ’s in last two-years accepted, defaults are ignored and there is o higher lending charge.
There is also an early repayment charge of 6% during the two-year discount period with no overhang, a completion fee of £699 for loans up to and including 75% LTV and £799 for loans up to 90% LTV.
The Procuration fee is 0.65% and there are free legal fees on remortgages.
Mel Dring, director of marketing at Freedom Lending, says: “The near prime market is continuing to go from strength to strength and there is still strong demand for two-year products.
“This deal offers an enticing blend of excellent rates and accommodating criteria, such as self-cert up to 90% LTV combined with up to £1000 of CCJ’s in the last two-years.
“It has no HLC and free legals are available on all remortgages. We’re delighted to be launching this product exclusively via AMPD.”
Eddie Smith, director of operations at AMPD, which anticipates generating in excess of £3bn of mortgages during 2006 via its members, says: “We’re delighted to have agreed this exclusive with Freedom Lending.
“Not only is it an excellent product, but we also know from experience that Freedom Lending will support it with a fast and efficient service.”