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Discount mortgage for credit impaired

Wiltshire-based mortgage packager Knight Funding is offering a discount rate of up to 2.5 per cent to borrowers with adverse credit history.

The loan is discounted by 2.5 per cent until September 1, 2003. There is then an additional 1.5 per cent discount until June 1, 2004.

The payable rate is between 3.25 per cent to 5.5 per cent depending on LTV, county court judgements, individual voluntary arrangements, discharged bankruptcies and if the loan is self-certified.

The loan is funded by Southern Pacific Mortgages. Procuration fee is 1 per cent. Redemption penalties are 6 per cent of the outstanding loan in the first three years and 1 per cent thereafter.

Chief executive Frances Scanlan says: “Most products launched now will end mid-2003 but retain the three-year lock-in period. The great part of this product is that the June 2004 end date substantially reduces the period at the lender&#39s standard variable rate.

“The discount is stepped to give the buyer maximum cash flow benefit initially and then eases them back into normal payments over the two years.”

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