Genesis cuts rate on sub-prime

Borrowers with CCJ’s, bankruptcies or a history of arrears can now apply for a loan of up to 90 per cent loan to value with an initial rate of 5.74 per cent variable rate.

The rate includes a 0.5 per cent discount until 30 June 2003. Redemption penalties are charged at £95 plus five per cent of the redemption in year one, four per cent in year two and three per cent in year three. After this the charge is £95.

The procuration fee is one per cent of the loan, with a minimum of £500 and a cap of £4,000.