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High Street Home Loans add to adverse credit market

High Street Home Loans has introduced an addition to the adverse credit market with the 8.29 per cent fixed rate mortgage.

Fixed until November 1, 2001, the mortgage has two different loan to value limits. It is open for up to 90 per cent of valuation for applicants with county court judgements (CCJs) of up to £2,000, or 85 per cent of valuation for applicants with unlimited CCJs.

For loans up to 80 per cent of valuation the mortgage has income multiples of 3.5 times principal income plus second or three times joint income, which places it above the industry norm of three times principal income plus second or 2.5 times joint.

According to Moneyfacts on November 23, 2000 it is the most competitive adverse credit fixed rate mortgage over a one-year fixed period. The second most competitive is the 8.39 per cent mortgage from GMAC residential which has a rate of 8.39 per cent.

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