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.