The product has the following features:
• 2 year discounted rate with rates starting from 5.58%
• Self-certification up to 90% LTV
• £1000 of CCJ’s in last 2 years accepted
• Defaults are ignored
• No higher lending charge
• Early repayment charge of 6% during the 2 year discount period – no overhang
• Completion fee of £699 for loans up to (and including) 75% LTV and £799 for loans up to 90% LTV
• Procuration fee of 0.65%
• Free legal fees on remortgages
Mel Dring, director of Marketing at Freedom Lending, said: “The near prime market is continuing to go from strength to strength and there is still strong demand for 2 year products.
“This deal offers an enticing blend of excellent rates and accommodating criteria, such as self-cert up to 90% LTV combined with up to £1000 of CCJ’s in the last 2 years. It has no HLC and free legals are available on all remortgages. We’re delighted to be launching this product exclusively via AMPD.”
Eddie Smith, director of Operations at AMPD, which anticipates generating in excess of £3billion of mortgages during 2006 via its members, said: “We’re delighted to have agreed this exclusive with Freedom Lending. Not only is it an excellent product, but we also know from experience that Freedom Lending will support it with a fast and efficient service.”
