This criteria improvement affects the arrears ruling on all four products – Genesis Theba, Elara, Sinope and Leda – which specifically, sees the removal of a condition that does not allow any arrears to have been registered within the last 3 months. This now means that recent arrears will not exclude applicants from obtaining mortgage facilities, as long as the number of arrears does not exceed the individual scheme limits.
With these amendments in place, the Planets & Moon’s Right-to-buy products are certain to provide an effective mortgage solution to a number of clients that previously could not obtain the funds they required.
All four schemes offer mortgage facilities to those who are looking to purchase their own council property, but have an adverse credit history. Both full status and self certification options are offered, with loans available up to 85% of the council valuation. Additional borrowings above the purchase price are allowed for home improvements.
As well as a varying amount of arrears, each of the products will also allow for unsatisfied CCJs, an unlimited number of defaults, discharged bankruptcy and IVAs that are cleared or current and satisfactory. Clients can also benefit from a 3 year stepped discount rate – exclusive to Genesis – which offers a 1.75% discount until 01.10.2005, a 1.50% discount until 01.01.2006 and finally a 1.00% discount until 01.01.2007. This has no extended tie-in period and means that pay rates start from just 5.50%, followed by 5.75% and then 6.25% until 01.01.2007.
For more information about these or any of the Genesis Home Loans products, intermediaries can contact the Sales Department on 0870 2421213.