Available up to 85% LTV self certification, Genesis Pearl offers a simple and fast way for both the employed, and self employed to obtain mortgage facilities for either a new purchase or re-mortgage of a current property. The product is exceptional in that there is no minimum time in employment and no minimum trading period for those that are self employed. Furthermore, there is no requirement for a reference / accountants letter or – as is the case with some lenders – even a telephone check. The only time a reference of any kind is required, is if proof of mortgage payments are needed - this only applies to applications above 75% LTV.
The new rate available on this innovative product is just 5.24% discounted by 1.00% until 01.04.2005. This offers a real improvement over the old Pearl product with a new lower rate, a larger discount, and a longer term that combined will mean even greater value for our intermediaries and their clients.
To offer even more value to the product, Genesis Pearl has also been given an adverse credit allowance, where before it was available only as a prime product. The new adverse limits allow clients to have CCJs or defaults up to the value of £2,000 (none in the last 3 months) and up to 2 mortgage / rent arrears in the last 12 months (none in the last 3 months).
John Lee, Head of Sales & Marketing for Genesis Home Loans said, “The changes we have made will make Genesis Pearl an even more attractive proposition for those that have recently taken up new employment or started a new business. With the combination of simple criteria, low rate and introduction of an adverse credit allowance, we are certain the ‘new’ Pearl will be very well received amongst our intermediaries and that it will become one of the market leading products in its sector”.
For information on this, or any other Genesis mortgage products, intermediaries can contact Genesis Home Loans on 0870 2421213, or via the web at www.GHLplc.co.uk.
