View more on these topics

More creativity from Genesis

Genesis Home Loans continues to lead the way in correspondent lending, with the release of new rates and improved criteria for its self certification and buy-to-let products, Pathfinder and Prospector.

Nigel Gardner, operations director at Genesis Home Loans, says: “We are continually striving to offer the best rates and products that we possibly can. Once again, we are certain that the extra choice of rates and overall product improvements on Pathfinder and Prospector will ensure they both remain at the forefront of their respective market sectors.”

Pathfinder now offers two new fixed rates for self certification, which are available in addition to the existing 1.50% and 1.00% discounts until January 1 2004. The new rates start at 4.99% for loans up to 75% LTV, and increase to 5.39% for loans up to 85% LTV, with both being fixed until January 1 2005.

Genesis charges no redemption overhang and penalties during the fixed rate period of just 3%. Unlike traditional self certification products Pathfinder does not require clients to state an income on the application form, while Prospector boasts the option of two new fixed rates for buy-to-let, alongside the current 4.76% and 5.16% LIBOR trackers. These are priced the same as Pathfinder – 4.99% up to 75% LTV and 5.39% up to 85% LTV – with the same end date of January 1 2005.

New criteria also includes an increased consolidated total loan of £2 million, with an unlimited number of properties allowed, in addition to the inclusion of ex-local authority properties.

Recommended

Doshpoint develops IFA network

Internet entrepreneur John Whitney is seeking IFAs with mortgage expertise to join a national network of advisers he is developing for Doshpoint, his latest internet venture providing expert mortgage advice to consumers. Witney, co-founder of Jobserve.com, is aiming to remove the headache for homebuyers searching through the thousands of mortgage products currently available. David Reaney, […]

Housing market still buoyant, says CML

The Council of Mortgage Lenders has published its latest market briefing, with the housing market remaining buoyant despite a slowdown in GDP growth in the first quarter. The housing market saw a 50% increase in both net advances and approvals, and both the Nationwide and Halifax have revised their end of year house price forecasts. […]

The mortgage mole

Of pots and peacocks It&#39s a brave pot as calls the kettle black – especially one who urges the mortgage industry to higher service standards while her own back office lies in tatters. But such was the lot of Lynne Peacock, chief executive of The Woolwich, as she took the helm of the Mortgage Strategy […]

Bank of England holds rates at 4%

The Bank of England&#39s monetary policy committee has left UK interest rates on hold at 4%. Pundits say sluggish economic growth overseas and a weak UK manufacturing sector had supported the case for a rate reduction. But strong house price growth and consumer borrowing must have raised fears that a cut in interest rates would […]

Don’t play chicken with the Bank of Japan

By Josh Ausden, Head of Client Investment Strategy, Neptune Short-term yen strength has hurt the Neptune Japan Opportunities Fund but recent events have only added weight to our conviction that the Bank of Japan will act to ease policy, boosting multinationals’ profits and weakening the yen. In recent weeks the performance of the Japanese stockmarket […]

Newsletter

News and expert analysis straight to your inbox

Sign up