The new categories have been introduced in recognition of the dynamic nature of these evolving markets. The extra categories enable brokers to pinpoint a closer match to consumer's requirements and access a wider range of suitable rates.
Near prime status fixed and tracker rates start from 5.99% and near prime self-cert rates start from 6.19%. All deals come with £250 cash back and three-year deals have additional free valuations. No products carry overhanging early repayment charges.
The new categories feature the following criteria:
* Status near prime products: available for customers with up to £1000 CCJ's, with no more than one month of arrears in the last 12 months.
* Status extra light products: available for customers with up to £3000 CCJ's, with no more than two months of arrears in the last 12 months.
* These categories are available up to 90% LTV with no adverse in the six months prior to application.
* Self-cert near prime products: available for customers with up to £1000 CCJ's, with no more than one month of arrears in the last 12 months.
* Self-cert extra light products: available for customers with up to £3000 CCJ's, with no more than two months arrears in the last 12 months.
* These categories are available up to 85% LTV with no adverse in the three months prior to application.
Commenting on the new ranges Colin Barrett, senior product manager said: "This move once again shows BM Solutions adapting and developing to treat consumers fairly and make brokers lives easier. It has also seen the launch of really competitive products in this area including two-year near prime fixes and trackers at 5.99% with £250 cash-back."
