BM said the new categories have been introduced in recognition of the dynamic nature of these evolving markets. The extra categories enable brokers to pinpoint a closer match to consumer’s requirements and access a wider range of suitable rates.
The rates include near prime status fixed and tracker rates starting from 5.99 per cent and near prime self-cert rates starting from 6.19 per cent.
All deals come with £250 cashback and three-year deals have additional free valuations.
No products carry overhanging early repayment charges.
Status near prime products are available for customers with up to £1,000 CCJs with no more than one month of arrears in the last 12 months.
Status extra light products are available for customers with up to £3,000 CCJs with no more than two months of arrears in the last 12 months.
These categories are available up to 90 per cent LTV with no adverse in the six months prior to application.
Colin Barrett, senior product manager at BM Solutions, said: “This move once again shows BM Solutions adapting and developing to treat consumers fairly and make brokers’ lives easier.
“It has also seen the launch of competitive products in this area including two-year near prime fixes and trackers at 5.99 per cent with £250 cashback.”
Jeff Knight, head of marketing services at GMAC-RFC, commented: “This is a very good range – mainly because BM Solutions has copied our own market-leading non-conforming range.
“This is similar to what we have been providing for some time. But we are more than happy for our competition to follow our lead.”
