Previously available up to 75% LTV, Genesis Onyx now offers purchase and remortgages up to an increased 80% LTV, for both employed and self employed clients. As before it offers ‘true’ self certification without the need for formal references or accounts, whilst allowing for a generous amount of adverse credit, including CCJs and arrears.
The rate for this product is a low 3.99% fixed until 01.10.2004, and then reverts to LIBOR – currently 3.65% – plus a loading of 2.10%. This gives a standard rate after the fixed period of 5.75%, which compares favourably with many prime ‘high street’ lenders.
Another change for the better comes with the early repayment charges, which have been reduced to 6% in year 1, 5% in year 2 and 4% in year 3. The adverse credit limits also remain unchanged allowing for £5,000 of CCJs in the last 3 years, 2 months arrears in the last 12 months (none in last 3 months), all defaults ignored and bankruptcy/IVA allowed if discharged/satisfied 1 year.
