The cut in the LIBOR rate to 3.62% now sees rates on offer from as little as 4.37% (discounted variable) with the product range itself offering mortgage facilities up to 95% LTV for full status, 90% LTV for self certification, 75% LTV for buy to let and four products up to 85% LTV for right-to-buys.
There are five fixed rates – 4.99% for loans up to 65% LTV; 5.49% up to 75% LTV; 5.99% up to 85% LTV; 6.99% up to 95% LTV and then 5.99% for buy to let. All of these are fixed until 01.09.2005, and can be used across the product range but excluding right-to-buys. The discount rates now offer the choice of three different end dates dependent on each individual clients’ needs. These are 1.70% discount until 01.09.2004; 1.75% discount until 01.03.2005 and finally a 1.50% discount until 01.09.2005. As with the fixed rates, these can be utilised across the Planets & Moons range but this time including right-to-buys.
Nigel Gardner, business development director for Genesis Home Loans said, “It was necessary for us to make these changes to our Planets & Moons range in order to ensure it continues to represent a competitive option for both our intermediaries and their clients. With both fixed and discount rates options now available, and rates starting from just 4.37%, the products on offer give the kind of choice normally reserved for conforming clients, to those that have experienced credit problems in the past.”
