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% for two years until 31.03.07, then the Society’s SVR (currently 6.74%) +0.25% for the life of the loan. (The overall cost for comparison is 7.3% APR).
- Maximum loan to value of 85%
- 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
- An early repayment charge applies until 31.03.07 and will be 3% of the amount repaid
The typical level of adverse credit that this product covers includes:
- 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 ”Demand for a two year Fixed Rate Prospect mortgage is on the up as the majority of Prospect borrowers can then move into mainstream lending once the fixed rate period has ended. Obviously this then goes a long way to repairing their credit record."
