Available up to 90 per cent LTV at SVR (currently 5.74 per cent) for purchases and re-mortgages, the product offers both employed and self employed clients mortgage facilities, without the need for any references or the requirement to state an income on the application form.
New discount rates – A 1.50 per cent discount is available for loans up to 75% LTV, which gives an initial pay rate of just 4.24 per cent. For loans up to 85 per cent LTV, a 1.00 per cent discount is available, this time giving a current pay rate of 4.74 per cent. Both rates are discounted until 1 January 2004 and offer no MIG, low redemption penalties of 3% in year 1, then 2 per cent in year 2 and an allowance of up to 25 per cent penalty free repayments each year.
New fixed rates – A new 5.49 per cent fixed rate product is for mortgages up to 75 per cent LTV, whilst when borrowing up to 85 per cent LTV a 5.89 per cent fixed rate applies. Both rates are fixed until 1 January 2005. As with the discounted options, there is no MIG charged and no redemption overhang, with the terms being 5 per cent during the fixed rate period only.
Nigel Gardner, operations director for Genesis Home Loans said, “Our Pathfinder product has been designed to be a real ‘hassle free’ self cert mortgage, with its combination of no references, no income declaration and minimal up front paperwork for the client. This superb selection of new rates gives our intermediary clients even more choice between a low pay rate discount or the security that the fixed rates afford.”
