c2-financial enhances Salt offering

The non-conforming tracker is a sterling-based mortgage, meaning the risk of currency fluctuations has been removed, and has an initial rate which starts at 4.79 per cent. There is a maximum loan-to-value (LTV) of 90 per cent and it allows for unlimited CCJs and missed mortgage payments.

David Wylie, chairman of the c2 Group, said: “The interest rates available on this non-conforming mortgage are astonishing and the uptake on this novel product innovation has been very popular with brokers and their clients.”

The product has also been added to c2’s C75 mortgage range, which gives the client 0.75 per cent cashback, a free valuation and has no application fee.

Michael Brill, director at Baronworth Investment Services, said: “If someone is light-adverse, with one CCJ that is satisfied, and there was a reasonable excuse for it, they are probably better off trying Halifax or Abbey, as they could get a better rate and wouldn’t have to worry too much about a high mortgage indemnity guarantee premium.”

With the Swiss LIBOR rate currently lower than the UK equivalent, roughly 1.45 per cent compared to 4.90 per cent, it makes using the Swiss rate attractive to use.

However, Mike Fitzgerald, sales director at Brentchase Financial Services, believed using it would only be right for a limited number of people.

He said: “While it is a good little product offering and it is nice to have it in the armoury, it’s only going to have limited market appeal. I wouldn’t like to see it being sold to a first-time buyer (FTB) who struggles to understand fixed and variable mortgage rates, let alone Swiss LIBOR. However, it can be sold to the right people, if it is well explained.”