Set-up in conjunction with SPML, City Home Loans is due to start lending on October 6th from County’s Fareham, Hampshire offices. The debut of City comes nine months after County Group’s launch of its first branded lending arm, County Home Loans, which it established with funding from GMAC.
City Home Loans, which has its own dedicated underwriting staff and a team of processing personnel, will take County Group into new areas of the sub-prime and self-certification markets.
David Wylie, Managing Director of County Group, said: “City follows on from the tremendous success we have enjoyed with County Home Loans. It will take us into different areas of the sub prime market with a verystrong range of products. We are really excited about what City is going to contribute over the coming year.”
John Prust, Sales and Marketing Director of SPML, said: “We are thrilled to be linking with County and feel that the branded facility will be beneficial for both of us. Unlike others, SPML will only be offering branded lending to a limited number of packagers and I am glad that County is one of them.”
County is currently recruiting 12 satellite packagers around the county to package for City from their remote locations. Established firms able to generate in excess of 10 applications per month and based in England and Wales are being sought.
Backing up the launch of City, and speeding the processing of applications, will be County Conveyancing, which will also be based at County’s Fareham offices. Full-time on-site solicitors will work alongside City’s completions department to enhance the post-offer process. To assist in swift turnaround of mortgage applications, documents will never leave the building apart from when they need the client’s signature.
City’s launch products include a fixed 4.99% two-year self-certification mortgage at 90% LTV for the employed and self-employed. The product ignores County Court Judgements that have been satisfied three years and allows unlimited defaults. Also, at the heavy adverse end of the spectrum, City will accept any number of CCJ’s, any amount of mortgage arrears, and any other adverse credit, but still lend 70% LTV at an initial discount rate of 6.15%.
During the first three months of lending, City Home Loans is offering refund of valuation on all applications for selected products.
