Its first mortgage portfolio (GEM range) will provide brokers with an easier to understand and competitive choice of products.
The new range will focus on value for the customer across all products:
Fixed - all fixed rates will be improved starting from five per cent.
Discount - Over half of the discount rates have been improved, with rates starting from just five per cent.
Tracker - Reductions in over 40 per cent of tracker rates.
In addition to significant price improvements, there are also a number of product enhancements, including:
Reduced ERC term on all products to three years
Increase in the maximum loan size on GEM 0 and 1 products.
Whilst the refinements will impact a significant number of customers, the improved terms will be particularly attractive to key customer groups; self employed self certified and right to buy customers. For the self certified self employed segment, there is now the ability to self-certify up to £40,000. In addition, maximum LTV on GEM 0 has increased to 90 per cent LTV. For right to buy customer, for the first time they will be able to choose a product from the GEM 0 plans with fixed and discount rates starting from five per cent. For remortgage customers the full range will remain available with no loading.
Duncan Berry, sales director, GE Consumer Finance Home Lending said: "I'm really excited about the improvements we are announcing, especially the rates on fixed which now start from just five per cent making them extremely competitive. We listen to what our brokers are telling us about their customers and continue to review, refresh and develop our portfolio to meet their needs. We believe that with these changes we have demonstrated a determination to offer great value products to customers and a range that intermediary partners will find easier to sell and manage.
"These enhancements will ensure the GEM range remains highly competitive and a preferential choice for our introducers and their customers and in particular we will now offer a much stronger option to key customers including self employed and right to buy customers."
