Nemo revamps products

Nemo, the secured loan arm of the Principality, has increased commission on a number of its deals and launched a product with a 8.49% rate, 65% LTV and 5% commission.

The annual charging rate on its Plan A range has reduced to 8.964% with commission increasing from 3% to 5%.

While the annual charging rate on Plan A2 has reduced to 11.328%, with commission increasing from 4.5% to 5%, the commission payable on plans B and B2 has reduced to 3%.

The changes will come into effect on September 10 and it will continue to pay out loans under existing criteria up until October 22 2008.

In an email to brokers today, Sam Marshall, joint managing director at Nemo, says: “I trust that you will agree, that the changes we have introduced are positive and will go some way to help stimulate growth in the market.”