Mortgage Next Packaging offers 90% prime self-cert

Mortgage Next Packaging is launching a prime self-cert mortgage available to 90% LTV, available with two and three-year fixed rates and two-year tracker options.

The product, which is funded by Kensington also offers rate options from 7.24%, on a two-year tracker (BBR + 1.99%), 7.25% on a two-year fixed rate, 7.15% on a three-year fixed rate, reversion rate of 7.25% (BBR + 2%), and income multiples of 4x single, or 4 x main +1 x secondary, or 3.3 x joint.

The product also has a 5% early redemption charge of the amount redeemed during the tracker / fixed rate period, and a £1,999 completion fee.

Lisa Barber, sales and marketing director at Mortgage Next, says: “This semi-exclusive is being made available by Kensington to key packaging partners to whom they have allocated a monthly tranche of funds. This means that brokers can book funds via Mortgage Next and provide their clients with the reassurance that Kensington will honour its 28-day Mortgage Commitment.

“This self cert product not only offers a choice of competitive tracker and fixed rates, but is also available up to 90% LTV. I have no doubt it will prove to be extremely popular and brokers should contact Mortgage Next as soon as possible to secure funds.”

Keith Street, head of Kensington, says: “Even in the current environment it is possible to provide competitive high LTV products for customers with specialist circumstances. There are limited funds available for these particular exclusive deals and we are sure they will prove popular. But brokers can be sure that Kensington will continue to work with its distribution partners in finding solutions to meet their needs and those of their clients.”