The range of product enhancements includes a choice of stepped or rolling discounts available on all products.
The three-year stepped discount has initial discounts up to 2.25 per cent and no early repayment charge (ERC) overhang period, while the rolling discounts include discounts up to 2 per cent, 14 months from completion.
Free valuations are available on all stepped and rolling discount products until 31 January 2005; available in England, Scotland and Wales on valuations carried out by Countrywide, Colleys and J&E Shepherd only; and available in Northern Ireland on valuations carried out by Countrywide and Colleys only.
A total of £250 cashback is available on all rolling discount products until 31 January 2005.
Peter Beaumont, sales and marketing director at Mortgages plc, said: “Make no mistake, Mortgages plc is determined to position itself as the UK’s leading non-conforming mortgage lender.
“The enhancements to our product range are designed to make intermediaries sit up and take note of our offering. Our intermediary partners and existing borrowers are already seeing the benefit of our new corporate ownership.”
Rod Murdison, proprietor of Murdison & Browning, said: “Clients who need to get valuations immediately could get one done off their own back and then have it re-written.
“But it would be useful for clients to know which surveyors lenders use. But for non-conforming it is understandable why Mortgages plc has restricted the surveyors.”
He added: “A lot of non-conforming lenders will give you good rates in the first year then stick you on quite a high rate for the next couple of years but these product enhancements seem to avoid this.”
