Key product features include: a one year fixed rate from 4.60% p.a; a one year discount of 1.75% p.a (to 31 August 2005), or a three year stepped discount option; 90% LTV for self cert remortgages; no legal fees and £250 cashback on remortgages (available to 31 August 2004); large loans available to £1 million (maximum LTV 75%); 0.50% procuration fee.
Near prime conditions include: all CCJs satisfied with none in the last two years; secured loan/ rent arrears all cleared with none in the last 12 months; no IVA or bankruptcy; no defaults in last two years with any previous ignored. The products are available for first time buyers and subsequent purchasers; remortgaging (with no additional loadings); employed and self employed; verified or self certified income.
CMLS director, Damian Cain, said: “We are delighted to be offering these excellent near prime products from Kensington, which are certain to prove very popular with borrowers. Clients have the choice of a one year fix or discount, or a three year stepped discount. As the fixed and discount periods are for one year only early application is advisable”.