For full status cases the rate is 6.69%, (base plus 1.94%) for two years which reverts to base plus 1.99%, and up to 90% LTV. There is also an option for self certification cases at 6.99%, (base plus 2.24%) for two years which reverts to base plus 2.29%, and up to 85% LTV. The arrangement fee on both is £699.
These deals have been developed in conjunction with BM Solutions and are available exclusively through Mortgage Intelligence.
Mortgage Intelligence managing director Sally Laker said: “These are two very innovative products for the sub prime sector. Brokers have been asking for deals with no redemption penalties for some time, but until now, lenders have found it difficult to price sub prime products with no redemption penalties. This move brings sub prime products yet another step closer to mainstream.
“These are very attractive deals, in what has become an increasingly competitive market. However, in the new regulatory environment, brokers have to be extremely vigilant when advising clients and need to document why they selected the recommended product for their client as part of the advice process.”
Martin Reynolds, Head of Key Accounts at BM Solutions commented: “BMSolutions is leading the way in bringing mainstream values to the sub prime market. As always we are delighted to be working with MI to bring the most innovative deals to market.”
