Cheltenham & Gloucester is launching into the non-conforming lending
market for the first time.
The UK's third-biggest lender is set to offer self-certification mortgages
through IFAs and its branch network for a three-month pilot trial, after
which it has pledged to “take a closer look at what customers want”.
At present, the only mainstream lenders to have delved into the
non-standard sector under their own brand are Bristol & West and Chelsea
C&G is offering two mortgages – one for customers who want to borrow up to
100 per cent loan to value and a self-certification loan for self-employed
borrowers who can find it difficult to prove their income.
Both mortgages are fixed for two years at 7.49 per cent. After the fixed
term, borrowers can switch to C&G's mainstream product range.
Sales director Nick Hale says: “Our toe in the water approach enables us
to monitor this sector of the market and ensure that good quality
applicants requiring a non-standard approach receive it at C&G.”
London & Country mortgage specialist David Hollingworth says: “This is an
extension of C&G's product range which allows them to push further into