The new range is based on an 'either/or' approach to CCJs and arrears, and offers lower rates than the equivalent products in Mortgages plc’s standard range. Applicants for Synergy products may have CCJs or arrears, but not both. The range has been launched after the lender's research revealed that there was a substantial market for this type of product.
Peter Beaumont, Sales and Marketing Director at Mortgages plc, says: "CCJs and arrears are the two most common forms of adverse credit that specialist lenders use to categorise their products. Usually a product makes an allowance for CCJs and arrears, but in practice many borrowers only have one of these. The logic behind Synergy is that the borrower only pays for the adverse credit that they have actually incurred. We've introduced Synergy to ensure that these borrowers get the best rate possible when applying for a mortgage."
The Synergy range compliments Mortgages plc's existing range, and offers 46 product variations across ranges of Very Light, Light, Medium, and Heavy adverse credit mortgages. Rates start from just 4.00% and there are discounts of 1.75% until 31 May 2005. The products are available at 60, 80 and 85% LTV.
Intermediaries can find out more details about the Synergy products by calling Mortgages plc's Elite number 0845 600 2650 or visiting www.mortgagesplc.com. The Synergy range is available via the specialist non conforming lender's Elite distributors.
Mortgages plc launched Elite status for its distributors in 2003. Elite offers distributors access to an enhanced service and range of products.
