Mortgage 2000 has launched a product in association with Universal. The exclusive, named Light Touch due to its acceptance of up to 2,500 in County Court judgements and two months of arrears, is only available via Mortgage 2000s direct to lender proposition m2-mortgage club.
The product has an initial pay rate of 5.84%, 250 cashback and free valuation. Universal is new to both the sub-prime and the exclusives market and m2-mortgage club is pleased to be the chosen distribution channel to help launch the lender into the arena.
Chris Burton, product manager for Mortgage 2000, says: I am enthusiastic about the launch of this product as it brings a new element to m2-mortgage club. By working with provincial lenders like Universal, as well as normal high street providers we hope to produce an unbeatable range of exclusive products in the market.
Burton adds: The Light Touch product allows those who have just missed out on a prime product get back on the property ladder with a competitive rate and Im sure a much appreciated cashback.
Kevin Robinson, chief executive of Universal, says: “We understand how important it is to deliver appropriate mortgages for all situations and we feel the Light Touch mortgage is yet another good quality choice, especially for people who have had to face financial difficulties in the past.”
The product also comes with an intermediary fee that carries no minimum or maximum at 0.55%.