The new range is a revision of the 2003 range. Many of the features remain and a number of additions have been introduced as follows:
Discount Periods
The discount periods will be extended, with the one year discount up to 1.50% now available until 30 April 2005 and the two-year stepped discount up to 1.75% until 30 April 2006.
Loading Thresholds
There is greater value for larger mortgages with the 0.5% loading threshold increasing from £250,000 to £300,000. Plus a new policy on speeding up mortgage approvals for mortgages over £300,000 will be introduced.
Extra Light
Preferred Mortgages has made a revision to the Extra Light product that was launched last November at the Mortgage Expo 2003. Customers will no longer have to produce payslips or P60s on application; they will simply need to obtain a reference from their employer.
Key features carried across from the 2003 range include:
* 1.50% discount across all LTVs on Extra Light product
* Mortgages up to £1 million
* Extra light product - rates start as low as 4.75%
* Extra Light - self certification self employed - purchases up to 90%
* Extra Light - fees can be added above 90%
* Re-mortgages up to 90%
* Income multiples 3.75+1 or 3.25 x joint income multiples
Simon Biddle, Marketing Development Manager commented: "Working together with intermediaries, Preferred Mortgages has helped thousands of customers obtain a mortgage. The new range is confirmation of Preferred Mortgages commitment to intermediaries and customers. The quicker mortgage approval on loans above £300,000 will certainly assist our intermediaries and the lower rates on larger mortgages will benefit customers. We have also made a minor revision to the Extra Light product that has proved to be so popular since its launch in November.
Biddle continues: "Following on from the success of the 2003 product range, Preferred Mortgages continues to offer easy to use products for a wide range of customer circumstances and accessibility to underwriters. Our vision has always been to be a non-conforming lender that is simple to use for both intermediaries and mortgage customers. "
