Mortgage Intelligence has launched a deal designed to take graduates from university to their first step on the property ladder.The UNI-STEP deal combines a stepped fixed rate with a loan that could be 6 x the graduate’s income if supported with a parental guarantee. To ensure affordability, guarantors are assessed on an individual basis. The deal, in conjunction with Scottish Widows Bank, also allows graduates to borrow up to 3.5 x income without a guarantor. The three-year stepped fix starts at 4.79% in the first year and is then 4.89% in the second year and 4.99% in the third. UNI-STEP then reverts to the SVR, currently 5.94%, for the remainder of the loan. It is available for loans up to 102% LTV with no higher lending charge and no extended tie-ins. Sally Laker, managing director of MI, says: “Although parents guarantee the additional income needed they may never have to pay. They simply guarantee the commitment. “There is no charge against the parent’s property. The idea is that the graduate will be able to support themselves in three or four years.” UNI-STEP also offers a refund of valuation up to 250 and 150 cashback for purchases and remortgages.
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Comedian Nick Hancock has spoken exclusively to Mortgage Strategy about mortgages, regulation and his new job in the industry. Hancock, best known for TV programmes Room 101 and They Think It’s All Over, has joined south Yorkshire-based Earth Mortgages as sales and marketing director, saying he’s in it for the long run. Hancock feels it […]
A Sidcup mortgage broker has lost an appeal against a decision by the Office of Fair Trading to revoke his consumer credit licence.The OFT’s original decision was based on the fact that Stewart Williams, who trades as S & J Consultants, was convicted in July 2000 of a number of offences involving dishonesty, including obtaining […]
IN THE PINKMole turned pink last week on learning Pink Home Loans PR manager Sarah Anderton had crabs. No word of a lie, it was the tastiest treat for Anderton during lunch at London’s trendy Roka Shochu. The Japanese restaurant is a fave with celebs in the know and was first choice for star stalker […]
Portman and The Mortgage Works have been criticised for reducing their surveying panel to just five firms. Jonathan Cornell, technical director of Hamptons International Mortgages, says by doing this they are disadvantaging everyone as well as reducing competition. Portman has decided to reduce the panel to Colleys, Wolton, Chancellors, e.surv and Countrywide/SPS. It has also […]
Trevor Greetham, RLAM’s head of multi asset, introduces the recentlylaunched RL GMAPs. Asset allocation has become an increasingly difficult challenge for investors and advisers in the years since the financial crisis. Sometimes violent price swings in stock and commodity markets coupled with the collapse in the rate of interest on bonds have made it harder […]
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