The new range – Genesis Constellations – consists of four separate products, covering prime, self certification and buy to let, with the option of both fixed and discount rates across the range.
Genesis Orion is a clean, purchase and re-mortgage product offering facilities up to 95% LTV with initial rates from as low as 4.25% including a 0.75% discount until 01.05.2004. Genesis Hercules – the first of two prime self certification products – offers several rate options from 4.30% discounted until 01.05.2004 or 4.85% fixed until 01.05.2005. Maximum loan to value on this scheme is 85% for both purchase and re-mortgage.
The second self certification product – Genesis Pegasus – is a flexible version, again available up to 85% LTV and offering clients the ability to make overpayments, underpayments and to benefit from further draw downs. The rate available on this scheme is a base rate tracker, currently offering a pay rate of 5.23%. The fourth and final new scheme is Genesis Andromeda, which is a prime buy to let product, offering facilities for up to 10 properties and a total lending amount of £1 million. Loans can be taken up to 85% LTV for both purchase and re-mortgage with rates on offer both fixed – 5.25% until 01.05.2005 – and discounted – currently 4.74% including a 0.96% discount until 01.05.2005.
The updated and improved Planets & Moons range continues to offer mortgage facilities for clients with adverse credit problems, including CCJs, defaults, arrears, bankruptcy/IVA and even past repossessions. The range now offers 16 separate schemes covering standard purchase and re-mortgage – both full status and self certification – along with brand new right to buy, and buy to let options as well. Another new benefit of the range is the ability to use any of the 16 schemes for clients purchasing or re-mortgaging in Scotland or Northern Ireland.
Full status products are available up to 95% LTV for purchases and 90% LTV for re-mortgages, whilst the self certification schemes are offered up to 90% LTV for purchases and 85% LTV for re-mortgages.
A choice of five fixed and three discount rate options are available across the range giving initial pay rates from as low as 4.87% including a 1.75% discount until 01.11.2004 and 4.99% fixed until 01.05.2004. One of the discount rate options is a 1.70% discount until 01.05.2004 and is an exclusive product, only available through Genesis Home Loans plc.
Nigel Gardner, business development director for Genesis, commented; “ With improvements throughout the Planets & Moons non conforming range, and the addition of the Genesis Constellations conforming range, we are confident of continuing our growth as one of the major forces in the branded/correspondent lending sector. Additionally, we are pleased to be able to offer a completely exclusive discount rate on the Planets & Moons range, that we are confident will bring us a large volume of business throughout the coming months ”.
