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Discount loan to aid adverse-credit borrowers

Non-conforming lender Mortgages plc is offeringa two-step discount loan in conjunction with Mortgage 2000 for borrowers with irregular credit histories.

The product comes with a 1 per cent discount until next December, transferring to a 0.5 per cent discount to December 2002, with an initial payable rate of 9.49 per cent.

It is available to both employed and self-employed borrowers with any number of county court judgments or arrears although bankruptcy is not allowed within the previous six months.

Up to 80 per cent loan to value can be borrowed at income multiples of 3.5 single income or three times joint income.

The company is offering free mortgage payment protection insurance for six months.

Minimum loan on the scheme is £50,000 and maximum £500,000.

Mortgage plc sales and marketing director Paul Howard says: “We realise that most borrowers are unhappy to be viewed as non-status or sub-prime. Therefore, this product will enable borrowers to benefit from a discount product over the coming two years, during which time they can begin to repair their credit record.”

Mortgage 2000 sales director Sean Hornsby says: “Working closely with Mortgages plc, we have been able to produce an adverse-credit product with reduced redemption overhang which we believe to be very valuable to nonconforming borrowers.”

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