The company’s exclusive mortgage is available to 80% loan-to-value and is open to borrowers with unlimited arrears, County Court Judgments and defaults. No lender or landlord references are required and both bankrupts and IVAs are accepted.
The product, funded by SPML, is fixed at 5.99% until September 1, 2004, then fixed at 7.25% to September 1, 2005, reverting rate is Libor plus 5.25%.
The mortgage, which has a minimum loan value of £100,000, comes with £500 cashback.
Sue Cox, Business Development Manager at Bananas Inc, said: “This mortgage is intended for those borrowers who have particularly testing credit backgrounds. As long as they are turning over a new leaf, we are willing to offer this product to them.”
The product comes with a procuration fee of 1% and a redemption penalty of 7% in the first year, 6% in the second, 5% in the third, and 1% in the fourth.
Bananas Inc, which was launched in May 2003, is a subsidiary of established direct-to-consumer packager MDNationwide.
