Most other lender requires some form of stated income on self-certification application documents, but the new product from County does not call for any income to be stated, or proofs of income. The clients have to pass a credit score and if successful no referencing is required as a telephone call to the employer or accountant is made. Once the valuation has been carried out the case is then ready to be offered.
The MIG-free product is available from 4.99%,discounted until May 1, 2005,or alternativelyas abase rate tracker. Maximum loan-to-value is 90% for both mortgages and remortgages and the advance threshold is £500,000.
Tristan Pile, Director of County Mortgages, said: “The real selling point for this product is that all other lenders require borrowers to state their income. The ‘no-income-declaration’ aspect of this product will generate a lot of interest. ”
Limited funds are available for the product, so allocation will be on a first-come first-serve basis.
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.
The procuration rate is 0.5% and the arrangement fee of £395 can be added to the loan. There are no compulsory insurances. For product details tel: 08707 599958.
