Available up to 90% LTV full status, Discovery offers a fixed rate of 5.74%, whilst Atlantis is available up to 85% LTV for self certification and up to 80% LTV for buy to lets at a fixed rate of 5.99%. Both products allow for £3,000 of CCJs in the last three years, unlimited defaults and two missed mortgage payments in the last year.
Columbia – a full status product – is available up to 85% LTV at a fixed rate of 5.99%. Genesis’s fourth new product, Endeavour, can be used for self certification up to 85% LTV and for buy to let cases up to 80% LTV at a fixed rate of 6.49%. Both Columbia and Endeavour allow heavier adverse credit up to a maximum of £7,500 CCJs, unlimited defaults, three missed mortgage payments and bankruptcy/IVA if satisfied/maintained more than one year.
The four new products are all fixed until 1 September 2004 and revert to a LIBOR loaded SVR after the fixed period. All are available for purchase and remortgage and the redemption penalties are 6% in year one, 5% in year two and 4% in year three. Thereafter, one month’s notice or interest in lieu is charged.
Commenting on the new fixes, Nigel Gardner, operations director for Genesis Home Loans said, “ We are very pleased with these new fixed-rate products as they offer a real alternative to the massive number of discount options that have flooded the sub-prime market recently. In today’s ever changing market conditions we are certain that most of our intermediary clients would prefer to offer the security that a fixed-rate affords and now these products are available to fulfil those clients’ needs.”
