The two-year fixed rate, supported by Southern Pacific Mortgage Limited (SPML), is fixed at 6.04 per cent until 1 December 2008 and has a maximum loan-to-value of 65 per cent. The product features a 0.75 per cent client cashback on completion and is available exclusively from c2-financial.
The product includes an arrangement fee of £795, with an early repayment charge fixed at 6 per cent for the first two years. Extensive CCJs and adverse history are allowed with the product and a procuration fee of 1.25 per cent exists as part of the deal.
Commenting on the launch, Justin Caffrey, managing director of c2-financial, said: “This mortgage product is going to be popular with brokers and their clients. It offers a very competitive fixed rate for adverse borrowers and comes with client cashback, free valuation and a good intermediary procuration fee.”
Hugh Nichols, partner at Badbury Berkeley Financial Services, admitted the c2-financial deal would appeal to some borrowers. He said: “The product itself isn’t the most dynamic but the cashback incentive, which is quite high, makes it quite interesting. It depends if the borrower is looking for a good rate, or the cashback facility.”
He added: “I don’t believe there is much cause for cashback within the non-conforming mortgage market, but is an option for some intermediaries in the market, and their clients.”
