Igroup increases LTV to 80%

Igroup has increased its LTV to 80% on a number of deals and introduced an 80% LTV fixed rate which will accept one default in the last 24 months.

The lender, which is owned by GE Money Home Lending, has increased its maximum LTV from 75% to 80% on its LVMO and LTMI deals and launched an LTM2 product at 80%. The maximum LTV for interest-only borrowers remains at 75%.

The new deal will accept defaults to a maximum value of £500 in the last 12 months and £1,000 in the last 13 to 24 months.

Rates for its new 80% LTV mortgage start at 6.57% for a two-year fix and 7.27% for a three-year fixed rate. It is available for purchase and remortgage applicants.

Igroup has also increased its LTV on its GEM1 product to 75%, up from 70%.  It accepts two defaults in the last 24 months and one in the last 12 months.

The lender has also launched a number of five-year fixed rate deals and lifetime trackers.

A spokesman for GEMHL, says: “Our pilot range refresh in April was well received and attracted good quality applicants.  We have now taken the opportunity to add additional product options, including the introduction of a new five-year fixed rate and a lifetime tracker.

“We’ve also changed the calculation of reversionary rates, to align with the actual funding and operating cost of providing a loan to a customer. This is in line with the vast majority of lenders who charge customers a variable rate based on their internal costs.

“We have also taken the opportunity to review our rates to ensure we continue to attract the right mix of good quality business during this pilot programme.”