The product allows an unlimited amount of adverse credit, including CCJs and missed mortgage payments, and requires no references.
The interest rate charged is Libor plus 4.75%, which is discounted by 2% until August 31, 2006, giving an initial rate of Libor plus 2.75%. The remortgage is supported by Beacon Homeloans, the recently launched lender that is restricting its distribution to seven packagers.
Sue Cox, Business Manager at Bananas Inc, said: “The real novelty about this remortgage is that there are none other like it that offer unlimited adverse and no references together with self-certification. Most others require proof of recent mortgage payments, which this one does not.”
There is an upper lending limit of £750,000 and a completion fee of £499, which can be added to the loan. There is no higher lending charge and the maximum loan-to-value is 80%. The procuration fee is 1%.
