The changes to the products, which will be available from 19 August 2002, include initial pay rates from 5.0 per cent and a 1.5 per cent discount extended to 31 October 2003 on 90 per cent LTV.
Rate reductions have also been introduced on heavy adverse products of up to 0.55 per cent, with reductions of 0.25 per cent on medium adverse.
Other changes include:
- New heavy adverse 75% product with self certification with no reference required with market leading rates from 6.50 per cent
- Medium adverse range rate reductions of 0.25% on full status rates up to 85% LTV
- No self certification phone checks up to 75 per cent LTV for self employed on heavy and medium adverse
- Satisfactorily conducted IVA now acceptable on medium adverse range up to 85 per cent LTV
- New light adverse 95% product
Peter Beaumont, sales and marketing director for Mortgages plc, said: “The mortgage market is buoyant at present and our sector is no different. Mortgages plc has seen significant increases in business volumes since broadening our product range in April and these latest enhancements ensure that we are now even more competitive across the board. These are exciting times for the company and our introducers.”
Peter Beaumont explains why the enhancements focus on Mortgages plc’s medium and heavy ranges: “Many light adverse borrowers are finding that the range of products available to them is increasing and more lenders are beginning to offer competitive deals. While we are still catering for this very important sector, we also believe it is important to offer a highly competitive range of products for those borrowers who find themselves with higher levels of arrears or CCJs.”
There are no changes to the existing highly competitive right to buy or buy to let products and no changes to the best selling 75 per cent and 85 per cent light adverse products.
The final date for receipt of applications on Mortgages plc’s existing range is 19 August 2002.
