Genesis launches self-cert

Available up to 75% LTV for purchase and re-mortgage, Genesis Onyx offers both employed and self employed clients mortgage facilities without the need for formal references. It allows any number of unsatisfied CCJs up to £5,000 (CCJs over 3 years old ignored), maximum 2 months mortgage arrears in the last 12 (none in last 3 months), all defaults are ignored, and bankruptcy/IVA allowed if cleared/satisfied 1 year.

The rate is a market leading 3.99% fixed until 01.09.2004, which reverts to SVR – currently 5.59% – plus a loading of 1.00% for the term and the early repayment charges are 6% for 3 years.

For employed clients, a telephone check with the employer is all that is required, and there is no minimum time in employment required. Clients who are on a fixed term contract or in a probationary period are also acceptable. Self employed clients only need to be trading 6 months and again, a simple telephone check with the accountant or bookkeeper is all that is required. Clients who are self employed but use the self assessment method instead of an accountant are also acceptable.

John Lee, head of sales & marketing for Genesis Home Loans said, “We are very optimistic that this new product will be at the very front of listings on the major sourcing software, as the rate available is highly competitive. It also offers a fast, easy way of obtaining mortgage facilities for those with adverse credit. We are already receiving a considerable number of enquires from both our existing members and also new intermediaries, who have seen Genesis Onyx and contacted us requiring further details.”