From 31st January 2005, igroup's mortgage portfolio will be significantly improved making it even easier for intermediaries to advise borrowers on the product that best suits their needs.
Product changes - highlights
The changes create better value products and offer greater flexibility for brokers and borrowers alike, with reduced fixed rates across the full GEM range (GEM 0-7) for all fixed rate terms, and improved discount rates on GEM 0-4. The minimum loan amount will be also reduced to £10,000 on all products within the range, and new Loan-To-Value (LTV) bands will be introduced.
Key enhancements to the GEM range include:
· Reduced fixed rates on all GEM plans for all fixed rate terms, with rates starting at 5.25%.
· Improved discount rates on GEM 0-4, with rates starting at 5%.
· Revised early redemption charges on discount and fixed rates.
· The minimum loan amount has been reduced to £10,000 on all products within the GEM range.
· New larger loan limits on selected GEM products
· New 60-70 per cent and 70-80 per cent LTV bands.
· Mortgage references 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.
· Individual unsatisfied CCJs less that £250 ignored on GEM 0.
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. As their requirements change, so will our products. These major enhancements to our market-leading GEM range serve to demonstrate once again our continuing commitment to intermediaries. The new products provide igroup brokers with great value products, with rates starting from 5% and a more accessible range to a greater number of customers.
