The list of enhancements from Mortgages plc is extensive and includes changes to pricing, products, and criteria:
Pricing changes
- Increased and extended discounts. 2% discount on all products up to 85% LTV, except Right to Buy and Buy to let. Discount end date has been extended to 30th August 2005
- Remortgage loadings removed. As a summer special, all remortgage loadings have been dropped, except on buy to let products
Product changes
- N'w ‘Star Sta'us’ initiative. On all Full Status products the applicant can now choose to have a contribution of £650 towards expenses by adding a 0.25% loading on the product rate (The £650 contribution will be paid by cheque direct to the client after completion)
Criteria changes
- Arrears criteria changed. On Full Status products only, one month arrears in the last three months is now allowed across Super Light and Light product ranges up to 85% LTV
- Sub prime arrears now considered. On Full Status products only, up to 2 months arrears are now permitted (dependent on product maximum arrears) where an applicant is remortgaging from another sub prime lender. We will require proof that the last 3 months contractual payments have been made
- Commission - now considered as income. 100% of guaranteed or regular commission now accepted if applicant has been with the same employer for 12 months. 50% of guaranteed or regular commission accepted if the applicant has not been with the employer for 12 months.
- Fees can now be added at 90% LTV. On 90% Full Status products.
Peter Beaumont, Sales & Marketing Director at Mortgages plc says the enhancements signify the latest stage in Mortgages plc's product development str"tegy: “These are really positive changes, and a lot of them specifically focus on our Full Status product offering. We strengthened our Self Certification proposition last year with various enhancements and our innovative affordability declaration, and now we wanted to specifically enhance our full status offering. The Mortgages plc product range is now more comprehensive than ever before - and we have plenty more to come in 2004."
Beaumont adds that Mortgages plc is committed to its service proposition, which is backed up by the Introducer Service Charter it issued last year. He"says: “These product enhancements come at a time of year when the market is traditionally very busy. Intermediaries can rest assured that our service proposition has been built to last and we are well equipped to handle the significantly increased business volumes we anticipate these changes will bring, at a time when others are struggling. We are committed to offering a first class service to all who deal with us. We are proud of the reputation we have built over the last 18 months and we recognise the value of good service to intermed"aries.”
Intermediaries wanting to find out more information can call Mortgages plc on 0845 60 50 40 2 or visit the website at www.mortgagesplc.com
