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Genesis adding self-cert deals

Genesis Home Loans is introducing three new mortgages to its Gemstones adverse-credit range.

Aquamarine is a full-status mortgage for purchase or remortgaging for borrowers with poor credit history. Maximum loan is £150,000 up to a maximum of 95 per cent loan to value. It offers a 1.25 per cent discount, giving a rate of 6.99 per cent until the end of 2003.

Turquoise is a self-certification product with a maximum LTV of 90 per cent and Garnet is aimed at heavy adverse borrowers looking to self-certify up to 85 per cent LTV.

Both have a pay rate of 7.49 per cent until the end of 2003 when they revert to the standard variable rate, currently 5.74 per cent, plus 3 per cent and a maximum loan value of £200,000.

All the products have a mortgage indemnity guarantee charge of 6 per cent for loans over 75 per cent LTV, an arrangement fee of £395 and redemption penalties of 5 per cent, 4 per cent and 3 per cent of the loans over the next three years. The loans are funded by Stroud & Swindon Building Society.

Operations director Nigel Gardener says: “We have developed these new products to offer even more choice for our intermediary clients and to ensure the Gemstones range evolves with the ever changing market conditions. All three products fill specific needs that we have identified in today&#39s marketplace.”

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A report published this morning by the CIPD (CIPD Employee Outlook March 2015) provides yet more interesting data to the changing landscape of retirement planning. It should be remembered that we are in a period of genuine flux here given that the default retirement age was scrapped three years ago, and new pension freedoms come online in April. Both of these alterations will have a huge impact on how employees plan for their retirement.

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