Available up to 80% LTV, Genesis Onyx offers purchase and re-mortgage facilities, 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 market leading product is just 4.50% fixed until 01.04.2005, which reverts to LIBOR – currently 3.60% – plus a loading of 2.10%. This gives a standard rate after the fixed period of 5.70%, which compares favourably with many prime ‘high street’ lenders. Early repayment charges reduce yearly being 6% in year 1, 5% in year 2, then finally 4% in year 3.
As before the self certification checks carried out on clients employment status are simple, with just a telephone call being made to either the employer or accountant/bookkeeper. There is also no minimum time in employment and only 6 months trading required for the self employed.
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.
For more information on Genesis Onyx, or any other Genesis mortgage products, intermediaries can contact Genesis Home Loans on 0870 2421213, or visit us at www.GHLplc.co.uk.
