Available on a three-year fixed rate, the exclusive product, launched in partnership with High Street Home Loans, is available at an initial rate of 7.20 per cent.
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The product includes a free valuation and allows CCJs of up to £7,000. Borrowers who have missed four out of 12 mortgage payments are eligible for the product, which includes no higher lending charge (HLC).
A procuration fee of 2 per cent exists on the product, with a 0.25 per cent profit share. The three-year fixed rate product has a redemption penalty of 6 per cent during the fixed rate period, with an arrangement fee of 1 per cent, which can be added to the loan.
Announcing the launch of the product, Justin Caffrey, managing director at c2-financial, commented: “For those with an adverse background it can seem that there are not many fixed rate options open. This new launch, in addition to offering a competitive rate, crucially provides borrowers with zero HLCs and no early repayment charges beyond the fixed rate period.”
Paul Suchet, managing director at Money Plus, said adverse customersgenerally had to accept higher rates on their mortgages. “There are poor people who can’t afford their current mortgage and the product interest rate is bound to be higher than the one they were previously on.”
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