Over 40% of new applications received in April were chosen from the new product range, as were a quarter of all mortgages that completed in that month.
igroup further reports that its tracker products are still the most sought after followed by the discounted range - with customers opting to keep their repayments as low as possible in the first twelve to twenty-four months from completion.
Fixed rate take up is already showing a clear pattern with customers favouring two years and four years (the longest fixed rate term available). igroup cites this as clear evidence that a significant number of borrowers have uppermost in their minds the need for repayment certainty over these periods.
Jonathan Sadler, sales director, said: “This is a great start for our new GEM products. I’m particularly heartened by the reaction of our intermediary partners as this is the first time the igroup brand has had an extensive range of tracker, fixed and discounted products in the marketplace. I’d like to pay tribute to the sales, marketing and underwriting teams for ensuring the product launch was seamless and highly effective.” He added: “It’s also further evidence of our unswerving commitment to the intermediary sector. We developed the new products after listening to our brokers, and will ensure we continue to deliver what they and their customers want.”
To summarise the main features of the new GEM product range:
- Fixed & discounted rates available across the entire GEM product range
- After expiry, the mortgage will switch to a predetermined tracker rate, for the entire mortgage term remaining
- No MIG premiums payable, even up to the highest LTV of 90%
- Product range is available for self-certification and buy-to-let customers.
To learn more about the new generation GEM products, visit igroup on Stand B15 at Mortgage Business Expo in Manchester on 19-20 May.
