The Mortgage Operation and Birmingham Midshires Solutions have launched a new self-cert product with no income checks, a generous two year discount with no overhang and a hefty£1,000 cashback.
Richard Stokes, TMO product manager, says: “It's always easier to sell a product that has help with fees – combine that with a great discount and no income checks and we expect this product to be a best seller. It represents a great deal for clients and is one of the most intermediary friendly products on the market.”
The product's current pay rate is 4.99%, and includes 0.76% discount for two years. The underlying rate is bank base rate plus 1.75%.
There are no flexible features, and the minimum loan is £25,001. The maximum LTV is 85% purchase or remortgage. Redemption penalties are 5% of the amount redeemed in year one, and 4% in year two. There is a £299 completion fee. Introducers get a marketing allowance of 0.5%, subject to a £200 minimum and £5,000 maximum.
BMS pays £450 cashback to the client's solicitor on completion. An additional £550 will be paid by BMS to the client's solicitor provided the case completes before 31/12/02.
Brokers should contact 0845 130 3888 for more information.