With a 3.2% discount off the standard variable rate of 5.79%, it offers a payment rate of just 2.59% in year one, followed by discount of 0.54% in year two. A redemption penalty of 5% applies only during the two-year discount period.
Available for purchase or remortgage, the stepped discount product also comes with a customer cashback offer of £399 to help reimburse clients with valuation costs and solicitor fees.
SQ2 managing director Steve Clawley said: “This is a very attractive product to have as our first exclusive from Bristol & West Mortgages. The 3.2% discount combined with the £399 cashback offer makes it very appealing to homeowners scouring the market for the best deals, as well as first-time buyers who need all the help they can get to make that first step on the property ladder.”
The product offers brokers a 0.30% procuration fee (minimum £150, no maximum). Income multiples are 3.5 + 1 or 2.75 x joint. Loan to value up to 95% from £1,501 to £150,000, up to 90% to £450,000, and up to 75% to £1,000,000.
SQ2 has an impressive range of lenders on both its packaged and direct panels, and a full packaging service including mortgage desk and sourcing software.
The Midlands-based company also offers brokers Appointed Representative status, Introducer status, and Registered Individual status. Further services include ongoing training, as well as compliance and competence support.
SQ2 is part of the rapidly-expanding Squirrel Financial Management group, led by directors David Burns, Ian Bascombe and Steve Clawley. It has grown substantially recently, adding Secure Mortgages and SQ2 to the group. It currently has more than 50 staff and, with its direct FSA authorisation, is well placed to continue its growth and development in 2004 and beyond.
SQ2’s bespoke offering includes:
· One-to-one meetings with compliance department prior to regulation.
· The ability to be authorised for other areas of financial advice, other than mortgages and mortgage-related protection business.
· In-house referrals system, to provide a comprehensive financial service for advisers’ clients.
· Telephone mortgage desk support to help with non-conforming lending.
· Generic mortgage application form.
· Marketing and advertising support.
· Monthly sales development and support meetings.
· Comprehensive back-office system.
· Ongoing compliance support.
· Ongoing training and competence support.
· Business support including accountancy services, stationary design, printing, will writing service and web design/hosting.
Packaged panel lenders include Bristol & West Mortgages, GMAC-RFC, Platform Home Loans, Mortgages Plc, Royal Bank of Scotland, Chelsea Building Society, First National, Britannic Money, TMB, and Stroud and Swindon.
For more information please contact Matt Vokes at SQ2 on 0870 4204101.
