It has already added enhancements including:
- Defaults are now ignored
- LTV has been increased to 90 per cent on Self Certification Employed purchase and remortgage
Preferred Mortgages has seen great interest in the new product since its launch in May, with business far exceeding expectations.
John Webster, Managing Director comments: "We are extremely pleased with the level of response and interest around this product. We did our homework, found a gap in the market and developed a product to help those customers who would usually have had difficultly finding a mortgage because of minor past credit problems. By the end of the year we are expecting 10 per cent of all our new business to complete on the Near Prime product, which is a great achievement bearing in mind we only launched it at the end of May."
