Following a strategic review, the lender installed a new business analysis tool in an attempt to better position its products in relation to its competitors. As a result of the changes, the two-year fixed rates on its heavy adverse products have changed, following significant growth in its near-prime and self certification business during the first six months of 2007.
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The new rates include a two-year fixed rate prime self-certification at 5.75 per cent, a two-year fixed rate in near prime at 5.78 per cent and 6.60 per cent for its two-year fixed rate heavy adverse.
Alistair Welham, head of marketing at Salt, said: “We have been hugely successful in attracting business in the near prime sector and are keen to reinforce our position as a specialist in the heavy adverse sector. Our newly priced products demonstrate how keen we are to show mortgage intermediaries that we are serious contenders for their heavy adverse business and we will be supporting this launch with a number of attractive incentives via our key partners.”
Mike Pendergast, IFA at Zen Financial Services, commented: “The product rates are not too bad – I have seen heavy adverse rates at 8 per cent so these rates are relatively mainstream but pretty good for adverse deals.
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“With the arrangement fee fairly low as well, this looks to be a relatively good offer for adverse clients.”
