The MIG-free product is available from 4.24% and the limited funds allocated to the product will be on a first-come first-serve basis. Maximum advance is £500,000.
No Income Declaration is available to firstand second time buyers, the employed and self-employed and up to 90% loan-to-value for mortgages and remortgages. Few checks are required. A telephone call to employers or accountants is all that is needed.
Tristan Pile, Director of County Mortgages, said: “No Income Declaration products that are MIG free with limited checks are rare at this rate. This is a criteria product that will open-up avenues that other lenders are not pursuing. The fact that the client doesnot have to declare an income, makes this extremely attractive. Clients who have variable commissions and bonuses, second jobs, investment income and the self employed can all now borrow at a level which they wouldn’t be able to with traditional lending sources. We expect to do a lot of business on this product.”
Redemption penalties are payable during the first two years of the mortgage: 3% during year one and 2% during year two. Up to 25% of the loan can be paid per annum without penalty.
Fixed rates are available for loan-to-values up to 85%. At a maximum LTV of 75% the rate is 5.19%; at 85% LTV the rate it is 5.59%.
The procuration fee is 0.5% and there is an arrangement fee of £395, which can be added to the loan.
For product details tel: 08707 599959.
