From 7 September 2005, igroup's GEM 0 fixed, discount and tracker products will be made more attractive with the option of a reduced ERC period.
The new improvements have been made in response to broker feedback and will allow brokers to offer consumers flexible products with more attractive terms. The changes will provide brokers with the option of offering their customers a GEM 0 product* with only a two year ERC. An additional 0.5 per cent loading is applicable on all standard GEM 0 LTV banding margins.
Key GEM 0 product highlights :
Two year fixed rate - no ERC overhang - rates from 5.5 per cent
Two year discount - no ERC overhang - rates from 5.75 per cent
Three year fixed rate - no ERC after two years - rates from 5.75 per cent
Duncan Berry, sales director, first mortgage, GE Consumer Finance Home Lending said:"These simple but transparent enhancements will ensure brokers have an even wider choice of product options to offer their customers within the GMO 0 plan. GEM 0 range remains flexible and a first choice product for both our introducers and their customers."
* apart from the four year fixed rate
