Aquamarine is a highly competitive 95 per cent LTV full status, purchase and re-mortgage product that offers adverse credit limits to include mortgage arrears, CCJs/defaults, along with IVAs/bankruptcy. This scheme is available for both first time buyers and subsequent buyers at a low discounted rate until 31 December 2003 (currently 6.99 per cent).
The second new product – Turquoise – offers a self-certification facility at 90 per cent LTV for both employed and self-employed clients – including those that are first time buyers – and is also available for purchases and re-mortgages. Again, adverse credit including two months’ mortgage arrears and £3,000 of CCJs are allowable on this scheme and a generous discounted rate option is also available.
The third new product – known as Garnet – is a heavy adverse, self-certification product at 85 per cent LTV which is a mortgage facility for clients with up to six months’ mortgage arrears, £10,000 of CCJs, unlimited defaults and past bankruptcy or continuing IVA. As with Turquoise, it is available to all clients, both employed and self- employed, and benefits from an initial discount rate of 1.25 per cent off a loaded SVR.
Nigel Gardner, operations director for Genesis Home Loans, said: “ We have developed these new products to offer even more choice for our intermediary clients, and to ensure that the Gemstones range evolves, along with the ever changing market conditions. All three products fill specific needs that we have identified in today’s market place and are as highly competitive as the rest of the range.”
