Providing the same criteria as the core range version, the product also benefits from a 0.15 per cent reduction in the pay rate and is available in both 2 and 3 year fixed options.
In addition, Optoma will be providing a free basic valuation and legal incentive for both purchases and remortgages in England and Wales, initially throughout May.
Chris Smith, Optoma’s new business manager said: “This product offers a number of benefits for applicants with different credit profiles – applicants that fit the Minor Adverse credit criteria will obviously be able to get a better rate but applicants that fit the Near Prime criteria may also be able to benefit.
“Our Minor Adverse scheme is now just 0.1 per cent above the core range Near Prime rate but has the benefit of a free valuation and legal incentive, something we have seen a lot of demand for in the current market.”
Roger Taylor, Director of Sales at SPML said: “This revised product offers great value with the reduction in the pay rate on the fixed rate options. Obviously the free valuation and legal incentive should be a quite a draw too. We certainly welcome Optoma’s announcement.”
