igroup improve first-charge loans

The product changes are aimed at making its mortgage portfolio offer greater flexibility for brokers and borrowers, with reduced fixed rates across the full GEM range (GEM 0-7) for all fixed terms, and improved discount rates on GEM 0-4.

The minimum loan amount will be reduced to £10,000 on all products within the range, and new loan-to-value (LTV) bands will be introduced. Key enhancements to the range include reduced fixed rates on all GEM plans for all fixed rate terms, with rates starting at 5.25 per cent.

There are improved discount rates on GEM 0-4 with rates starting at 5 per cent and revised early redemption charges on discount and fixed rates.

Other improvements involve new larger loan limits on selected GEM products including 60-70 per cent and 70-80 per cent LTV bands. Mortgage references are not required on GEM 1-2 and not usually required on GEM 0. Relevant data will be taken from Experian CAIS data shown in credit searches and individual unsatisfied CCJs less than £250 are ignored on GEM.

Sean Webb, igroup’s chief commercial officer, said “We look constantly at ways to improve our product offering to meet the needs of our intermediaries.

“The new products provide igroup brokers with great value products, with rates starting from 5 per cent and a more accessible range to a greater number of customers.”

Gordon Steyn, mortgage operations director at Thinc, said: “These rates are very attractive and for adverse clients igroup cannot be accused of being too expensive and taking advantage of clients who are in a weak position of choice.