Mortgage Next launches exclusive self-cert

The new two-year product is available to 90 per cent loan to value (LTV) and offers borrowers a choice of either a two-year fixed rate at 5.99% or a variable rate of 5.79%.

Funded by Mortgage Express, it is available exclusively via Mortgage Next Partners and Mortgage Next Network.

The mortgage is a true self-cert and no proof of income is required. It is available to both employed and self-employed (minimum 1 year trading), with a completion fee of 1.5% and no higher lending charge. Early redemption charges are 5% to 30 November 2009. The mortgage proc fee is 0.5% net.

Other features include:

  • Capital raising up to 90% for any legal purpose
  • Fully portable
  • Six income multiple bands
  • Let to buy acceptable subject to consent to let from current lender
  • Overpayments, underpayments, and payment holidays available through 'Choices' facility
Justine Tomlinson, managing director of Mortgage Next Partners, said: “There has been considerable media coverage recently about the potential dangers of using fast track facilities as a substitute for self-cert products.

"With rates and terms as competitive as those on offer via this exclusive product, brokers can recommend this self-cert product to their clients with confidence. There is continuing demand for both self-cert and two year fixes and I have no doubt this deal will prove to be popular with both brokers and their clients.”

Tim Anson, head of residential lending at Mortgage Express, added: "We are delighted to be launching this self-cert deal exclusively via Mortgage Next.

"We have seen the client need for self-cert growing in recent times and I am confident that this will continue as the number of self employed rises and working patterns become increasingly flexible. Self-cert will continue to have an important place in our market – put simply, for many people self-cert is the only way to secure the home of their dreams."