The Prospect range is a series of mortgages designed to help those who have experienced financial difficulties in the past.
The main product features include:
* Fixed at 6.39% (7.2 APR) for three years until 1.10.07, then SVR +0.25% for the life of the loan
* Maximum loan to value of 85%1
* Arrangement fee of £3952
* Admin fee of £2453
* Minimum loan is £25,000 and the maximum loan is £250,000
* There are Free Legal Fees or £200 contribution and free ASU insurance for the first 24 months# 5
* There is an early repayment charge of 3% until 1.10.074
The typical level of adverse credit that this product:
* CCJ’s to a maximum of £3,000
* IVA Current and satisfactory
The Society will also consider:
* Bankruptcy Order - discharged
* Repossessed in past
Speaking about the product, John Cooke, Mortgage Marketing Manager said, "The Society was the first high street lender to offer a range of products exclusively for those who have experienced financial difficulties in the past and our new product fits nicely within this existing portfolio".
