With effect from 1 December 2004, LIBOR has been reset to 4.85% which means that the discounted rates are as follows year 1 – 5.94%, year 2 – 6.04% and year 3 – 6.14%. The product is available for employed and self-employed, there is no higher lending fee, no extended tie-ins, no application fee and the borrower has the flexibility to repay up to 10% of the outstanding balance in any year without penalty. The product is exclusive to MDC members.
Other product features include:
- Competitive proc fees of 0.75%
- Enhanced income multipliers.
- 6% of amount redeemed as ERC for discount period.
- Any CCJ’s over 3 yrs ignored
It is available via packaged submission only and brokers are urged to call the BDS New Business Team on 0845 58 53 53 to find out full details of the products.
