The mortgage is linked to LIBOR and available on a two- or three-year discounted, or a two- and three-year fixed rate. Rates begin at 5.99% for the two- and three-year fixed options, available at 75% loan-to-value (LTV). Victoria will lend up to a maximum of 90% LTV. The minimum advance is £25,001 up to a maximum of £500,000.
John Coffield, head of TMA, commented: “This exclusive self-cert product from Victoria Mortgages through TMO offers The Mortgage Alliance’s members a highly competitive rate coupled with the added choice of both fixed and discount options. The changing nature of the UK’s workforce means there are increasing numbers of borrowers opting to self-certify their income due to their employment terms. This self-cert product does not include any loading and the loan amount is based on affordability, offering the complete package for self-cert borrowers.”
Jonathan Haynes, director – mortgage packaging at TMO, said: “TMO are delighted to be working in conjunction with Victoria and The Mortgage Alliance to give TMA members access to these marketing leading self-cert products. In addition, by accessing Victoria's products via TMO, TMA members benefit from a reduced submission fee of just £39 which includes basic valuation costs.”
