The main highlights are:
* A new near-prime option, branded 'Premier' , has been added to further enhance the existing six products in the Origin range. Customers can opt for a one-year discount of 1.55 per cent that offers a starting rate of 4.30 per cent per annum and a minimum advance is £50,000. To qualify, borrowers must have accumulated no arrears, CCJs or defaults in the preceding 12 months before application. Both employed and self-employed borrowers will be accepted, however there is an additional loading of 0.25 per cent on self-employed applications. Premier is available as a limited edition option, allowing intermediaries the choice of whether or not to include it in their product range.
* A 24 month discount option has been added to expand the existing discounted range of mortgages and is available on all six Origin products with rates starting at 5.40 per cent per annum. In addition, the rates for the existing 12 month discounted option have been reduced and now start from 4.90 per cent per annum.
* The one, two and three-year fixed rate choices available on the six Origin products have been reduced and now start from 4.49 per cent per annum. Rates are fixed until 30 November 2006, 2007 and 2008 respectively.
* The terms and conditions of the early redemption charge have also been improved for all fixed and discounted products. The period of redemption has been shortened and will now only apply to the first three years of the mortgage not four, as previously.
Commenting on the rationale behind the new enhancements, Adam Henry, sales director said: "After a fantastic first eight months of trading we have proven the effectiveness of our business model. We are now embarking on a period of sustained expansion, which will involve increasing the number of intermediary partners. Indeed, we are actively recruiting ahead of expected demand and since April have expanded our team of intermediary-facing staff by 60 per cent.
"This extensive package of product enhancements offers some of the most competitive and easy-sell borrowing options currently available. With these changes, we are also aiming to firmly establish the credibility and longevity of the Money Partners' brand as the one to watch in the specialist lending market."
