From 1st April 2005, igroup’s mortgage portfolio will be improved to offer better value products and flexibility for both brokers and borrowers.
Highlights
The changes are intended to make it even easier for intermediaries to advise their customers on the best product to suit their needs. With reduced tracker rates for GEM 1 (80<85 per cent and 85<90 per cent LTV bandings) and across all LTV bandings for GEM 2, in addition to improvements in discount rates on GEM 1-2, igroup hope the enhancements to this product range demonstrate its commitment to the needs of intermediaries and its customers.
The key GEM product and pricing enhancements are as follows:
- Reduction in tracker rates by 0.25 per cent for GEM 1 (80<85 per cent and 85<90 per cent LTV bandings) and across all LTV bandings for GEM 2
- Improvement in discount rates by 0.25 per cent on GEM 1-2
- GEM 0 no arrears in last 12 months instead of 24 months
- Ex local authority and right to buy flats up to 70 per cent LTV instead of 60 per cent LTV
- Missed payments on a 1st and 2nd mortgage loan in the same month will be treated as one mortgage arrears
Sean Webb, chief commercial officer, GE Consumer Finance Home Lending said: “Our latest product enhancements provide further evidence of our commitment to the intermediary sector. By listening to the needs of our brokers, we are able to constantly review and develop our products – and our range is now more comprehensive than ever before. These simple but transparent enhancements will ensure the GEM range remains highly competitive and a first choice product for both our introducers and their customers.”
