Genesis Prospector – a buy to let product – has been given two new discount rates to go alongside the fixed and tracker rates currently available. The new rates offer a 1.00% discount from SVR for loans up to 75% LTV and 0.75% discount from SVR for loans up to 85% LTV. This gives current pay rates of just 4.49% and 4.74% respectively with both rates being discounted until 1 January 2006 and having no extended tie-ins. Similarly, the 4.95% and 5.20% fixed rates have had their end date extended in line with the new discount rates.
Genesis Pathfinder, a popular, high LTV self certification product is the next to benefit from a new rate which is available for loans up to the maximum 90% LTV. The new rate is a 0.50% discount from the current SVR until 1 January 2005 and gives a low pay rate of 4.99%. This rate is offered alongside the two current discount options of 1.50% for loans up to 75% LTV and 1.00% for loans up to 85% LTV, both until 1 January 2005. A new fixed rate is also available on this product, which is 4.95% until 1 January 2006 and can be used for all loans up to 85% LTV with no extended tie-ins.
Similar changes have been made to Genesis’ prime, purchase and re-mortgage product – Pioneer – with an extension of the end date for the discount rates until 1 January 2007. Pay rates are from as low as 3.49%, including a 2.00% discount for loans up to 90% LTV and 3.74%, including a 1.75% discount for loans up to the maximum 95% LTV.
Finally, Genesis Freedom – the highly competitive, menu style non-conforming range – has had its 1.25% discount rate option extended to 1 January 2005. This can be used across the range for both full status and self-certification and will mean discounted pay rates will start from as low as 4.19% for residential and 4.44% for buy to let.
For further information on these and other Genesis products, intermediaries can contact their local, authorised Genesis distributor.
