Complete Mortgage and Loan Services is offering an exclusive 90% LTV self-certification mortgage with a three-year discount from Future Mortgages, negotiated through the Mortgage Distributors Cooperative.
Offered with prime and mild adverse credit status options, the discounts are 2.25% in year one, 1.75% in year two and 1.25% in year three. No MIG is charged or overhanging redemption period.
A key feature of the product is that two normal Future Mortgages restrictions do not apply. These are, in the case of remortgages, the ceiling of 20% of the loan that can be used for any purpose, and the top limit of 30% on existing mortgage payments. Enhanced income multiples apply at 3.75 + 1 or 3.25 joint, and up to 10% of the outstanding balance can be paid within any financial year without penalty. Both options are LIBOR tracker products and can be used for purchase and remortgage.
CMLS director Damian Cain says: “These products combine a high LTV for self-certification with the ability to raise capital for any purpose, plus no restriction on the level of increased payments, or any verification of income. This makes them ideal for the self-employed market, where recent increases in the borrower's income is not yet reflected in their annual accounts.”