A 2.00% discount off SVR up to 90% LTV and 1.75% discount off SVR up to 95% LTV give current pay rates of 3.74% and 3.99% respectively. Both discounts apply until 1 January 2006.
Redemption terms are 5% until 1 January 2004, 4% until 1 January 2005, 3% until 1 January 2006, 2% until 1 January 2007 then 1% until 1 January 2008 and no MIG is payable up to 90% LTV. Generous income multiples of 3.75 times the first applicant’s income plus the second applicant’s income or 3 times joint incomes are available up to 75% LTV and over 75% LTV 3.3 times the first plus the second or 2.75 x joint incomes apply.
Genesis Home Loans’ operations director, Nigel Gardner, explained, “Pioneer is a full status, prime product available up to 95% LTV for both purchase and virtually any purpose remortgage. Available for both employed and self employed applicants, a P60 or Accountant’s Certificate is usually the only proof of income required and that plus a valuation is sufficient to obtain a mortgage offer in most cases.”
