Mortgages PLC enhances product range

Mortgages PLC has announced major enhancements to its range of products, in particular those targeted at medium and heavy adverse borrowers.

The changed products will be available from 19 August 2002. Highlights include:

  • Initial pay rates from 5.00%
  • 1.5% discount extended until October 31 2003 up to 90% LTV (1% on buy-to-let)
  • Rate reductions on heavy adverse of up to 0.55%
  • New heavy adverse 75% product with self-certification with no reference required with market leading rates from 6.50%
  • Medium adverse range rate reductions of 0.25% on full status rates up to 85% LTV
  • No self certification phone checks up to 75% LTV for self employed on heavy and medium adverse
  • Satisfactorily conducted IVA now acceptable on medium adverse range up to 85% LTV
  • New light adverse 95% product

    Peter Beaumont, sales and marketing director for Mortgages PLC, says: “The mortgage market is buoyant at present and our sector is no different. Mortgages PLC has seen significant increases in business volumes since broadening our product range in April and these latest enhancements ensure that we are now even more competitive across the board. These are exciting times for the company and our introducers.”

    Peter Beaumont explains why the enhancements focus on Mortgages PLC&#39s medium and heavy ranges: “Many light adverse borrowers are finding that the range of products available to them is increasing and more lenders are beginning to offer competitive deals. While we are still catering for this very important sector, we also believe it is important to offer a highly competitive range of products for those borrowers who find themselves with higher levels of arrears or CCJs.”

    There are no changes to the existing right-to-buy or buy-to-let products and no changes to the best selling 75% and 85% light adverse products.

    The final date for receipt of applications on Mortgages PLC&#39s existing range is August 19 2002.

    Brokers should contact Mortgages PLC for further information on tel: 0845 60 50 40 2 or via email