Available across the whole Planets & Moons range, this new product can be used for standard purchase up to 95% LTV and re-mortgage up to 90% LTV. It can also be utilised for Buy to Let products up to 85% LTV, Right to Buy up to 85% LTV and finally on the Fast Track product which offers no reference mortgages up to 75% LTV.
The 3 year product offers a 1.75% discount until 01.01.2005 followed by a 1.50% discount until 01.01.2006 then finally a 1.00% discount until 01.01.2007. For standard products this offers pay rates from just 4.00% until 01.01.2005, 4.25% until 01.01.2006 and then 4.75% until 01.01.2007. After this period, the rate reverts to LIBOR + the individual product loading. It also benefits from having no extended tie-ins after the 3 year period.
The Planets & Moons range itself offers 11 separate products offering mortgage facilities for those with previous adverse credit problems including, CCJs, defaults, arrears, bankruptcy, IVA and even past repossessions. Most schemes also offer the option of full status or self-certification irrespective of whether employed or self employed.
John Lee, Head of Sales & Marketing for Genesis Home Loans said, “This new, exclusive product will be a real benefit to both brokers and their clients, as its generous rates and no redemption overhang offer a longer term solution for those with a history of adverse credit. It is certain to be highly popular amongst our intermediaries and is assured its place towards the top when sourced on the popular sourcing systems.”
For information on this, or any other Genesis mortgage products, intermediaries can contact Genesis Home Loans on 0870 2421213, or via the web at www.GHLplc.co.uk.
