It has also improved its three-year fixed rates more competitive and extended the discounts on their Core Range. The new 2 Year Fixed Rates are fixed until 1st September 2007.
Key highlights:
- No extended tie-in (subject to one month's written notice)
- Rates starting from 6.19% verified and 6.44% self certification on Near Prime
- Rates are fixed until 1st September 2007
- Available across the complete range from Near Prime to Unlimited Adverse
- Available up to 90% LTV on Purchase, Remortgage and Self Certification products
- Available up to 85% on Right to Buy and Buy to Let products
- Completion fee and Higher Lending Charge can be added to the mortgage up to 95% LTV
- Mortgages available up to £1 million
The relaunched 3 Year Fixed Rates have no extended tie-in (subject to one month's written notice and start at 5.99% verified and 6.24% self certification on Near Prime.
Key highlights:
- No extended tie-in (subject to one month's written notice)
- Rates even more competitive with reductions of up to 0.20% across most adverse levels
- Rates starting from 5.99% verified and 6.24% self certification on Near Prime
- Rates are fixed until 1st September 2008
- Available across the complete range from Near Prime to Unlimited Adverse
- Available up to 90% LTV on Purchase, Remortgage and Self Certification products
- Available up to 85% on Right to Buy and Buy to Let products
- Completion fee and Higher Lending Charge can be added to the mortgage up to 95% LTV
- Mortgages available up to £1 million
Preferred have also extended the range of discounts on their Core Range - now available up to 2.00% until 1st November 2006. The 3 Year Stepped Discount option (launched in June) is now available until 1st November 2008. The LIBOR-based rates across the range of adverse levels now start from 5.00% verified and 5.25% self certification on Near Prime.
Cate Hillis, Head of Product Development at Preferred, says: "Our 3 Year Fixed Rates have proven extremely popular since they were launched in March, and we are delighted to be able to not only extend the fixed rate term but also offer many reductions to the rates providing better value to our customers. Plus, in response to feedback from our intermediaries, we have introduced an additional range of 2 Year Fixed Rates with no extended tie-in, thus giving our customers even more choice. We’re confident that this new range will be well received."
Hillis continues: "We’ve also extended both the standard discount and the 3 Year Stepped discount option on our Core Range. The non-conforming market is extremely competitive and these changes reflect Preferred’s continued commitment to provide the best possible products for our intermediaries and their customers."
Julie Sides at BDS Mortgages says: "These are an excellent range of 2 and 3 Year Fixed Rate products with no extended tie-ins from a lender with the most flexible approach to underwriting in the market. I think these products will strike the right note with a number of introducers."
