The self-cert mortgage, which has 3 different rate options depending on the loan-to-value ratio, has the following features:
3 rate options: Mortgages up to 75% LTV - 5.79% (APR 6.6%) fixed for 24 months, then 1.75% discount below SVR for 24 months
Mortgages up to 85% LTV - 5.99% (APR 6.7%) fixed for 24 months, then 1.75% discount below SVR for 24 months
Mortgages up to 90% LTV – 6.19% (6.9%) fixed for 24 months, then 1.75% discount below SVR for 24 months
(Current SVR is 6.54% & an additional security fee is charged over 75% LTV)
Loan amount: £25,001 up to £500,000
Admin fee: £399
Availability: Purchase & remortgage, including unlimited capital raising for any legal purpose. Available in England, Scotland & Wales. Also available to first time buyers.
Early redemption
charge: 4% of the sum repaid for 48 months. A redemption admin fee (currently £100) and a fee for release of the deeds (currently £50) will be charged on redemption.
Justine Tomlinson, Mortgage Next Marketing Director, said: “This self-cert mortgage is one of the most competitive deals currently on offer. It provides true self-cert for the employed, self-employed and first time buyers, up to 90% LTV and a £500K maximum loan. The 2 year fix followed by a 2 year discount will also make this product particularly appealing to first time buyers. As a combination of features, that’s difficult to beat!”
