Planets & Moons has been reduced to a total of 11 products covering full status and self-certification purchase and re-mortgage, along with schemes for right to buy and buy to let. All of the products allow for varying amounts of adverse credit including defaults, which are now ignored whether satisfied or not. Full status mortgages are available up to 95% LTV with rates from 3.87% – discounted by 1.75% until 01.07.2005 – whilst self certification offers facilities up to 90% LTV with rates starting from 5.62%, again discounted by 1.75% until 01.07.2005. In total three discount rates options of 1 year, 18 months and 2 year periods are available across the range.
New additions to the Planets & Moons range are five, 2 year fixed products, which offer rates from 5.35% fixed until 01.01.2006, and again, these cater for all types of adverse credit problems. Mortgage facilities can be taken on a full status, self-certification or fast track basis – the latter being designed as a ‘no hassle, no reference’ option.
The Constellations range – which consists of four conforming products – has been given additional, brand new rates to compliment the existing choice of tracker, discount and fixed options. This means that the prime purchase and re-mortgage product has rates from 4.00% – BBR + 0.50% for life – and the self-certification product has rates from 4.29% fixed until 01.01.2005. A tracker rate of 4.50% – BBR + 1.00% for life – is on offer for the flexible self-certification whilst the buy to let product has tracker rates from 4.40% – BBR + 0.90% for 5 years – and fixed rates from 4.65% until 01.01.2006.
Nigel Gardner, business development director for Genesis Home Loans said, “We hope these new simplified product ranges will be easier for our intermediaries to use, whilst the new rates and products now available will ensure they have highly competitive rates to offer their clients irrespective of whether they are in the conforming or non-conforming market sectors.”
