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Freedom offers rate cuts for punctual payments

Freedom Lending is setting up a sub-prime mortgage range that rewards adverse-credit borrowers with records with lower rates for making payments on time.

The On-Track range cuts 0.1 per cent from the rate each time a borrower makes six consecutive monthly mortgage payments on time. Freedom says the aim is to remove the need for remortgaging to get a prime rate.

The system continues until the borrower reaches Freedom’s prime mortgage rate which is currently bank base rate plus 0.98 per cent or plus 1.28 per cent for self-certification.

Freedom says a client on its heaviest adverse product with 10,000 county court judgments in three years and four missed mortgage payments in 12 months would start at an overall cost for comparison of 6.78 per cent and would reach its prime rate within five years on the scheme.

The range covers products from light to heavy adverse. All products come with an introductory discount of 0.75 per cent for the first three months.

Freedom launched to the UK intermediary market in May 2004 and markets its products via a panel of lending distributors.

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