The lender does not now require a lender/tenancy reference or statement, nor does it require employment references. Income is self-certified and borrowers can start their own business or a new job on one day and apply for the product the next without problems arising from insufficient trading or employment history.
Nigel Gardner, operations director at Genesis, said: "Upon receipt of an application we only need to carry out a basic credit search, voters roll search and instruct the valuer. With so much referencing avoided we aim to have cases valued and offered within a week of receipt."
Frank Thurlby, head of mortgage club, Genesis Approved, said: "Intermediaries need imaginative products like this. With a few number of references to write out and just a basic credit search and valuation to be done, offers are issued incredibly quickly and with the minimum of fuss."
