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First Nat aims for more self-certs

First National Mortgage Company is revamping the terms of its flexible base-rate tracker loan to attract more self-emp loyed applicants.

It is increasing the loan to value ratio to 90 per cent and reducing the minimum loan from £163;50,000 to £163;35,000.

The Manageable Mortgage is available to existing and new customers. The rate is set at 1.24 per cent over the Bank of England base rate, currently 6 per cent, or 1.74 per cent for self-certified applications.

Loans up to £163;200,000 are available up to 90 per cent LTV while loans to £163;250,000 have 85 per cent LTV. There are no indemnity premiums and no early redemption fee.

Interest is calculated on a daily basis. The £163;295 completion fee can be rolled into the mortgage advance.

The move is the first of several planned product launches.

Company sales director Ron Howell says: “The Manageable Mortgage offers flexibility and certainty, without unacceptable expense, complications, tie-ins or penalties.

“It is an idea product for the self-employed and for many people who may have experienced some credit problems in the past.”

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