Mortgages plc enhances product range

Mortgages plc has launched a series of strategic product enhancements designed to position the company as the UKs leading non-conforming lender.

The range of product enhancements launched by Mortgages plc include:

* A choice of stepped or rolling discounts available on all products, three-year stepped discount with initial discounts up to 2.25% and no early repayment charge overhang period, rolling, 14 months from completion, discounts up to 2%.

* Free valuations are available on all stepped and rolling discount products until January 31, 2005, available in England and Wales on valuations carried out by Countrywide, Colleys and J&E Shepherd.

*And 250 cashback is available on all rolling discount products until January 31, 2005.

Mortgages plc was acquired last month by global investment bank Merrill Lynch and within 48 hours cut its standard variable rate to 6.90%, instantly reducing rates across its entire product range by 0.25% for new
and existing borrowers.

Peter Beaumont, sales and marketing director, says: “Make no mistake, Mortgages plc is determined to position itself as the UKs leading non-conforming mortgage lender.

“We intend to achieve this goal by launching a series of enhancements to our product range, which are designed to make intermediaries sit up and take note of our offering.

“Our intermediary partners and existing borrowers are already seeing the benefit of our new corporate ownership.”