Genesis Home Loan has added a five high loan-to-value products to its Minerals range of non-conforming products.
Genesis says the products – three at 90% LTV and two at 95% LTV – remain consistent with the rest of the range in that they offer clients a competitive rate basedon them having either CCJs or arrears.
It says this 'menu' style of lending ensures that clients do not pay for adverse credit that they have never incurred.
The products can also accommodate clients who have been involved in past bankruptcy or an IVA, although the timescales vary from product to product.
The three 90% products, named Chalk, Marble, and Silica, are available for both purchase and remortgage on a full status basis, whilst on self-certification Chalk can be used for both purchase and remortgage, but Marble and Silica can be utilised for purchase only.
The adverse credit allowed on these varies from very light to medium amounts, but all three benefit from a 2% discount which sees rates start from 4.65% including the discount until November 30 2005.
The final two products are for full status, purchase only and are named Sinter and Dolomite. They are both available up to 95% LTV and also offer varying amounts of adverse creditwhich includes CCJs or mortgage/rent arrears, plus bankruptcy or IVA subject to timescales.
Rates for these products are from 6.30% including a 1.75% discount until November 30 2005. The discount is available on both 95% products.
Another key feature of these products is the ability to receive £650 from Genesis towards expenses on all full status applications. This option will be at the cost of a small loading of 0.25% on the product rate chosen and the client will receive the amount by cheque after completion.