Interest rates on the two- and three-year fixed rate deals within Beacon Homeloans' light, medium, heavy and fasttrack ranges have fallen and it has claimed the rates are now market leading.
Product information:
Two-year fixed rate
- Light - rates from 5.50 per cent
- Medium - rates from 5.95 per cent
- Heavy - rates from 6.30 per cent
- Fasttrack - rates from 6.55 per cent
Three-year fixed rate
Light - rates from 5.40 per cent
Medium - rates from 6.00 per cent
Heavy - rates from 6.35 per cent
Fasttrack - rates from 6.55 per cent
In addition, the discount available on the company’s two-year discount mortgage has increased from 1.30 per cent to 1.50 per cent.
Beacon Homeloans has also enhanced the criteria on several products within their mortgage offering to make the deals more accessible to a wider range of borrowers. The number of CCJs allowed on the light, medium and heavy products has risen and the arrears criteria on the heavy and medium range has been expanded. Across the entire range of residential mortgages, there have also been significant reductions on the self-cert loadings for 85 per cent and 90 per cent loan-to-value (LTV).
Jeremy Russ, head of marketing and compliance at the Beacon Group, commented: “We are delighted to kick off the New Year with a range of rate reductions and market leading product enhancements. We believe that 2007 will be a big year for the non-conforming market and feel these changes to our offering will allow independent financial advisers to help a wider range of borrowers.”
