Ipswich has entered the sub-prime market with a range of products designed to comply with the Financial Services Authority’s Treating Customers Fairly policy.A self-cert, two-year sub-prime discount deal has been designed to meet the needs of people who might have missed mortgage payments or have credit card and loan arrears or County Court judgements against them. Clients must have missed no more than two mortgage payments in one year and none in the past six months. Also, they must have missed no more than two credit card or loan payments in the past year and none in the past six months. The product is available up to 80% LTV at 1.25% off Ipswich’s SVR for the first year and 0.5% off its SVR for the second. It will then be at the SVR, currently 6.4%, for the term. Paul Winter, sales and marketing director at Ipswich, says: “The sub-prime market is different these days. Many people now fall into the category through no fault of their own, for example because they are between jobs, have been divorced or have overlooked outstanding bills and ended up with CCJs. “Such people can now get transparent sub-prime products from Ipswich and benefit from the fact that we are a mutual, committed to the interests of our members.” The range has an early repayment charge of 4% for the first three years with no compulsory insurances. The application fee of 595 can be added to the loan that must be a minimum of 25,000 and a maximum of 250,000. The launch of the sub-prime range is a step in a different direction for the society, which usually offers products for the prime market and buy-to-let, shared ownership and holiday home deals.
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