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Discount loans for CCJ clients

Mortgage packaging network Exclusive Connections is offering an adverse-credit discount rate mortgage as well as a fixed-rate product.

The discount mortgage, funded by Bristol & West, is available to people who have a number of outstanding county court judgments up to £10,000 as long as the latest is not within the last six months.

It has a 0.75 per cent discount for one year followed by a rate of 1.25 per cent over the standard variable rate for two years after which it reverts to the SVR. The current payable rate is 6.99 per cent.

Minimum loan is £25,000 and maximum £500,000. Single applicants may borrow up to 3.5 times their income and joint applicants may take out up to 2.75 times their joint income. The maximum loan to value is 85 per cent. The redemption penalty is 5 per cent of the amount repaid in years one and two reducing to 4 per cent in year three.

The second mortgage, is funded by the Mortgage Business and features a fixed rate of 6.99 per cent until October 1 2003.

Income multiples on the product are 3.5 times single or 2.75 per cent joint with an option of the completion fee being added to the loan.

The redemption penalty is four months&#39 interest until October 1, 2003 and one month&#39s notice or interest in lieuof notice after.

Exclusive Connections marketing director Patrick Day says: “Both employed and self-employed applicants may apply to borrow up to £500,000 or £150,000 for first-time buyers and a maximum of 85 per cent LTV or 80 per cent LTV first-time buyers.”

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