The lender has launched two new products, both of which are targeted at non-conforming borrowers and allow for different amounts of adverse credit. The Light and Medium Adverse products are available up to 80% loan to value. The Light product allows £2000 of CCJs and no arrears in the last 12 months. The Medium product allows up to £5000 CCJs and 2 months arrears in the last 12 months. Both products ignore CCJs that are satisfied, more than two years old, or under £100. The rates on the products are: 6.05% on the Light, and 6.40% on the Medium. Both these rates include a 1.5% discount until 31 May 2005.
Peter Beaumont, Sales & Marketing Director at Mortgages plc, says: "Buy to Let has boomed in recent years and, with many potential first time buyers being forced to rent, we are keen to broaden our offering to ensure that we are competitive in this market. We did not previously allow any arrears on our Buy to Let products but have decided to extend our criteria in this respect."
Brokers wanting to find out more details can call Mortgages plc on 0845 60 50 40 2 or visit www.mortgagesplc.com
