The Constellations product range offers four separate schemes, covering standard prime, self certification, buy to let and flexible self certification, each having different rate options available.
Genesis Orion is a straightforward prime, purchase and re-mortgage scheme offering mortgage facilities up to 95% LTV for all clients and has two new rate options. The first is a lifetime tracker rate at BBR + 1.25%, giving a current pay rate of 5.00%, whilst the second is a low cost 1 year tracker at BBR + 0.50% – current pay rate 4.25% – reverting to BBR + 1.25% for life.
The self certification product – Genesis Hercules – is available up to 85% LTV for both purchase and re-mortgage and now boasts a wide range of rate options including a choice of either a 2, 3 or 5 year tracker rate – which are all at BBR + 0.90%, giving a pay rate currently of 4.65%, and a 1 year fixed rate at just 4.29% until 01.09.2004. A further new rate is a 2 year fixed which is offered at 4.35% for loans up to 75% LTV and 4.45% for loans up to 85% LTV with both being fixed until 01.09.2005 and having no extended tie-ins. All rate options revert to BBR + 1.95% for life, currently 5.70%.
Genesis Andromeda, is the buy to let product and offers mortgage facilities for a maximum of 10 properties, on a self financing basis up to 85% LTV, both purchase and re-mortgage. As with Hercules, it offers a choice of a 2 or 5 year tracker rate, both at BBR + 0.90% – current pay rate 4.65% – a lifetime tracker currently at 5.70% – BBR + 1.95% – and a 2 year fixed option. This is fixed until 01.09.2005 and offers a rate for loans up to 75% LTV of 4.65%, and for loans up to 85%, a rate of 4.75% with both having no extended tie-ins. Again, all rates revert to BBR + 1.95%.
The final product – Genesis Pegasus – is the flexible self certification scheme, offering mortgages up to 85% LTV with the facility for overpayments, underpayments, payment holidays and drawdowns. The new rate option is a lifetime tracker giving an initial pay rate of 5.23% – BBR + 1.48% – and benefits from having no early repayment charges.
Nigel Gardner, business development director for Genesis Home Loans said, “We feel that these new rates will really give us the edge over our competitors by offering the kind of choice that both our intermediary members and their clients are looking for. Furthermore, the Constellations range itself offers four innovative products covering different areas of the market place which we hope will cater for a wide range of clients and mortgage requirements”.
