The product is available to Mortgage Next packaging partners at a rate of 7.99 per cent, fixed to 1 June 2010.
It will accept up to £10K of CCJs and up to six months arrears in the last twelve months, as long as neither have been incurred over the last three months.
Additionally IVAs which are satisfied or well-conducted will be accepted, alongside discharged bankrupts.
The product is available to a maximum LTV of 80 per cent with an ERC of 6 per cent in year one, falling to 5 per cent in year two. The arrangement fee is £899
Lisa Barber, sales & marketing director at Mortgage Next, said: “The number of products available in the sub-prime market has dramatically reduced in the past 6 months and particularly so in the heavy adverse sector. I have no doubt this product will be welcome news to brokers and their clients throughout the country.”
