The launch coincides with modifications by the lender to its existing products. It says the changes reflect the competitive nature of the non-conforming market.
The two-year fixed rates start from 6.19 per cent for verified and 6.44 per cent for self-certification on near prime and are fixed until 1 September 2007.
Offered across the range from near prime to unlimited adverse, they are available up to 90 per cent LTV on purchase, remortgage and self-certification products. The relaunched three-year fixes start at 5.99 per cent verified and 6.24 per cent self-certification on near prime.
Preferred has also extended the range of discounts on its core range which is now available up to 2 per cent until 1 November 2006. The three-year stepped discount option is available until 1 November 2008. The LIBOR-based rates across the range of adverse start from 5 per cent verified and 5.25 per cent on near prime.
Cate Hillis, head of product development at Preferred, said: “We’re 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. We’re confident that this new range will be well received.”
Julia Sides, group product manager at BDS Mortgages, said: “These are an excellent range of two and three-year fixed rate products with no extended tie-ins from a lender with the most flexible approach to underwriting in the market.”
Commenting on the two-year fix, Kevin Morgan, managing director of Consilium Financial Planning, said: “Preferred is very clever at pitching rates and products to the market it is in. This is a typical Preferred product and is a competitive deal for the non-conforming market.”
