Key distinctions:
- The near-prime product range allows for £500 of unsatisfied CCJs and no missed mortgage payments in the last 12 months. This product range includes 90 per cent self-cert two- & three-year fixed rates at 6.35 per cent.
- The light-adverse product range allows for £1,500 of unsatisfied CCJs and / or one missed mortgage payment in the last 12 months.
- This range also allows a 0.1 per cent discount on the rate for borrowers (two- & three-year fixed rates at 90 per cent self-cert are 6.45 per cent and 6.7 per cent respectively).
- All product ranges ignore defaults and any number of satisfied CCJs and are available on purchases (homemovers and first time buyers) and remortgages.
- There are no higher lending charges on any Victoria products.
- They use Victoria’s affordability calculator which allows up to 5 x joint income multiples.
Kevin Hillgren, chief executive officer (CEO) of Victoria Mortgages, explained: “These products show that the extremely efficient packager driven model we have built at Victoria brings significant value added benefits for borrowers. Our market leading pricing clearly demonstrates that we are serious in our long term commitment to bringing the benefits of Victoria’s straightforward approach to the market. Together with our existing 24 hour turnaround on applications we are ensuring that borrowers get the best execution and service.
“We will continue to develop new products and services that enable borrowers to share in the efficiencies of our operating model over the months and years to come.”
Roger Morris, managing director at em-, commented: "The latest product release from Victoria is very exciting, and when taken together with the em-homeloans offer of free valuations and no application fees on all Victoria's non-conforming products, plus the support of onsite underwriting facilities, we feel it will be of serious interest to the marketplace."
Paul Robinson, CEO of Solent Mortgage Services, commented: “Victoria have impressed us again with the speed with which they respond to changes in the market. These products will be a welcome addition to the SMS portfolio and will be well received by our introducers.”
