Products are aimed at the near prime to medium adverse market with a maximum LTV of 50%. Variable rates start at 7.50% based on Melton Mowbray’s current SVR of 6% and will suit cases from clients with past arrears, CCJ’s and discharged bankruptcy.
Launching the new products, Ian Balfour, CEO of SMS, commented, “We are delighted to be in partnership with the Melton and be able to offer products which address the needs of intermediaries with clients who have had a struggle in the past but are able to service a new mortgage successfully. These products, which are detailed on the SMS website and on The Porthole, will go some way to showing the market that the intermediary channel really is alive and kicking.”
Karen Middleton, managing director of MBS Lending said, “SMS has a great track record of marketing mortgage products on behalf of lenders and their commitment to ensuring the highest quality of application. We look forward to creating relationships with SMS introducers in the months to come.”
