Pricing for the product will start from 4.49%.
GE Money will also introduce a new ‘debt to income ratio’ tier at 40%, for applications from households with higher incomes.
It is also automating the lending decision process for first-time buyers and for debt consolidation cases through its ‘instant decision online’ system. This will deliver quicker decisions for customers as part of its on-going focus on making it easier for brokers to do business.
Commenting, Gerry Bell, marketing director, GE Money Home Lending said: “We regularly review the performance of our product range to ensure that it is addressing the current needs of our customers, as we continue to lend to quality customers. We believe the product changes announced today enable us to help more customers and to do that efficiently, whilst remaining a prudent lender.”
