With the Sun Bank mortgage, borrowers have to declare they can afford to meet the monthly repayments, rather than having to prove their income. Commission of 0.4% will be paid on each successful application.
The principal features of the product, which is open to employed and self-employed applicants, are:
• Loan size: £50,000 - £500,000
• Borrower must stipulate that they are able to afford the monthly repayments and be over 21 years of age
• Term: 5 – 35 years
• Arrangement Fees: £395
• Redemption charge of 5% during fixed rate period only (10% annual overpayments can be made without charge)
Commenting on the launch of the product, Richard Farr, Sun Bank’s Intermediary Marketing Manager said: “This is an exciting development. Historically Sun Bank has not offered many exclusive products but it is an area we are looking to develop further. This is a competitive product and we are confident that our tie up with Norwich Union will generate significant volumes of business.”
