Offered in partnership with The Mortgage Works, the product is available from an initial rate of 6.94 per cent, up to 85 per cent loan-to-value (LTV).
A 0.75 per cent cashback incentive and free valuation exist on the product and no extended early repayment charges (ERCs) apply. An arrangement fee of 1.5 per cent, which can be added to the loan, is in operation, with a proc fee of 1.25 per cent set by the lender. c2 also confirmed the two-year fixed rate mortgage included an ERC of 6 per cent, until May 2009.
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Justin Caffrey, managing director of c2-financial, said: “Brokers will find it difficult to beat this non-conforming rate, which comes with free valuation and a 0.75 per cent cashback. We are expecting a lot of interest, particularly in the light of the upward trend of the Base Rate.”
The product can be used for purchases or remortgages. C2 has also confirmed it will allow borrowers to remortgage from other non-conforming lenders.
Mike Pendergast, IFA at Zen Financial Services, said: “The product could help clients looking to get back to mainstream, providing a stop-gap solution with the no extended ERCs. The cashback could help clients pay any fees, but people with adverse credit would rather have a lower rate.”
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