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Bananas Inc joins up with SPML to launch discounted light adverse deal

Branded lender and packager Bananas Inc has joined forces with Southern Pacific Mortgage Limited to launch a discounted light adverse mortgage targeting those with moderate credit history problems.

 

The semi-exclusive self-certification tracker product is at LIBOR plus 2.5% with a discount of 1.5% until September 2005, giving an initial interest rate of 5.65%. The product allows up to £3,000 in unsatisfied CCJs, two missed mortgage payments over the past 12 months, one missed in the past six months, and defaults. No lender or landlord references are required.

 

In addition, all remortgage loadings have been removed by SPML for the Bananas Inc product. Such loadings can normally add 0.25% to 0.5% to the cost of a loan.

 

Sue Cox, business development manager at Bananas Inc, says: “The discount and the removal of remortgage loadings, makes a lot of difference and means this product is competitive when compared to the other mortgages that are offered to light adverse borrowers. At LIBOR plus 2.5% it charges 0.5% less than what the marketplace is charging at the present time for this type of mortgage.”

 

The product is designed for individuals only requiring an LTV up to 75%. There is a procuration fee of 1% and a redemption penalty of 6% in year one, 5% in year two and 4% in year three.

 

Bananas Inc adds it has a team of SPML underwriters working inhouse at its Fareham, Hampshire offices ensuring quick turnaround of cases.

 

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