Nigel Gardner, operations director at Genesis Home Loans, commented, “We are continually striving to offer the best rates and products that we possibly can. Once again, we are certain that the extra choice of rates and overall product improvements on Pathfinder and Prospector will ensure they both remain at the forefront of their respective market sectors.”
Pathfinder now offers two new fixed rates for self certification, which are available in addition to the existing 1.50% and 1.00% discounts until 01.01.2004. The new rates start at 4.99% for loans up to 75% LTV, and then increase to 5.39% for loans up to 85% LTV, with both being fixed until 01.01.2005. Redemption terms are good, offering no redemption overhang and penalties during the fixed rate period of just 3%. The final benefit of the Pathfinder product is in the income criteria, which does not require clients to state an income on the application form, unlike traditional self certification products.
Prospector also boasts the option of two new fixed rates for buy to let, alongside the current 4.76% and 5.16% LIBOR trackers. These are priced the same as Pathfinder – being 4.99% up to 75% LTV and 5.39% up to 85% LTV – whilst also sharing the same end date of 01.01.2005 and competitive redemption terms that crucially impose no penalties after the fixed rate term. The new criteria also include an increased consolidated total loan of £2 million, with an unlimited number of properties allowed, and also the inclusion of ex-local authority properties (outside any pre-emption period) subject to good marketability.
