The product, which does not call for any income to be stated, or proofs of income, has been re-priced and has now been reintroduced by County because of broker demand
Most other lenders require some form of stated income on their self-certification mortgage applications, however, with County’s self-certification product, the client only has to pass a credit score. If successful, no referencing is required, only a telephone call to the employer or accountant. Once the valuation has been carried out, the case is then ready to be offered.
Tristan Pile, Director of County Mortgages, said: “Following the launch of our ‘No Income Declaration’ product earlier this year we received a huge level of interest, mostly due to the fact that applicants are not required to state their level of income on the application form. We are now re-launching the product with additional funding made available. However, we encourage brokers interested in this product to contact us swiftly, given that funds allocated, will be limited.”
The MIG-free product is available from 4.99%, discounted until 1st July, 2005, or alternatively as a base rate tracker. Maximum loan-to-value is 90% for both mortgages and remortgages and the advance threshold is £500,000.
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 an arrangement fee of £495 is payable, but can be added to the loan. There are no compulsory insurances. For product details tel: 08707 599958.
