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Exclusive Connections brings in mig-free self cert

Exclusive Connections has introduced the Mig-free self-cert mortgage.

It has a discount of 1 per cent until October 1, 2002, giving it a payable rate of 5.99 per cent for loans of up to 85 per cent of valuation. There is no mortgage indemnity guarantee.

The mortgage is aimed at self-employed people who have had trouble getting a mortgage in the past because they have had difficulty proving how much they earn. It is also open to employed people. Applicants can have up to three county court judgements made against them, to a combined maximum of £1,000. Self-employed applicants must be able to prove that they have been trading for at least two years.

There is also an arrangement fee of £299 and a redemption penalty of three months’ interest in the first year, two months’ interest in the second year and one months’ interest in the third year.

Figures from Datamonitor show that in 2000 approximately 3.3m people in the UK had a credit history that included a CCJ made against them, making up 9 per cent of the working population.

According to Moneyfacts on August 3, 2001 the most competitive one-year discount self-cert mortgage is from Pink Home Loans. This has a discount of two per cent until October 1, 2002 for loans of up to 85 per cent of valuation. The mortgage has an arrangement fee of £299 and a redemption penalty of three months’ interest in the first year, two months’ interest in the second year and one months’ interest in the third year.

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