The c2 range includes a free valuation and an application fee of £55 on the GMAC level one and two products. Rates start at 5.79 per cent on loans up to 75 per cent loan-to-value (LTV) or 6.24 per cent on loans up to 90 per cent LTV. Both options are fixed for two years.
The product is available for purchases and remortgages and pays a broker procuration fee of 1.25 per cent. Applicants can have up to two County Court Judgments (CCJs) for an unlimited amount and may also have up to three month’s arrears in the last year. Discharged bankrupts are also eligable for the product.
The mortgage comes with no extended early repayment charges (ERCs) and no higher lending charge (HLC).
Commenting on the product launch, Sarah Bunn, broker operations manager at c2-financial, said: “This is yet another example of how brokers who deal with c2-financial can gain access to the market-leading products for their customers, coupled with the very highest level of procuration fee available. I would also add that the feedback from intermediaries at the moment is that our level of service remains extremely high, despite an unprecedented increase in volume.”
James Cotton, mortgage specialist for London and Country, said: “By effectively offering a valuation for £55 on this product, c2-financial has, like other packagers such as Pink Home Loans, cut the upfront cost to the borrower – a feature that is always welcome in this sector.
“The policy of looking at the number rather than the value of CCJs held against a borrower is a useful feature.”
