The product has been developed through an exclusive arrangement between Mortgage Intelligence and Preferred Mortgages and are priced at:
- 5.75% up to 80% LTV - that is a 1.6% discount in year one - and 0.5% discount in year two
- 5.85% up to 90% LTV - that is a 1.5% discount in year one and 0.5% discount in year two
- Rental calculation - 120% at pay rate
In year three both revert to the reversionary rate oflibor (4.96%) + 2.39% and are available immediately.
Mortgage Intelligence Managing Director Sally Laker said “This market sector has been crying out for a 90% product and Mortgage Intelligence are the first to deliver it to our members via our exclusive arrangement with Preferred Mortgages. I am confident it will prove a success and reaffirm Mortgage Intelligence as one of the most innovative players in the non-conforming sector.”
The minimum client income is set at £25,000 - with no evidence required unless rental income is insufficient. The minimum loan is £30,000 against a minimum valuation of £40,000.
The maximum amount of County Court Judgements (CCJ) that an individual can have is £500 in the last 12 months and this must be satisfied on application.
Unlimited CCJ's, if registered over two years ago, do not have to be satisfied; however, CCJs registered over one year ago must be satisfied on application. Bankruptcy and IVA are not permissible.
“This is an innovative product that is sure to fill a gap in the market; we are confident it will prove very popular with intermediaries and customers alike” added John Webster, Managing Director, Preferred.
