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High Street Home Loans goes for the self cert market

High Street Home Loans has brought in the premier five mortgage.

The mortgage is aimed at self-employed people who would have trouble proving how much they earn, as well as those who have had trouble getting a mortgage because of adverse credit.

Premier five has a discount of 1.5 per cent from High Street Home Loans’ standard variable rate, giving it a payable rate of 5.95 per cent for the first year of the mortgage for loans of up to 75 per cent of valuation. After this period the mortgage rate is capped at no more than two per cent above the Bank of England base rate.

Clients are allowed a maximum of one month’s mortgage arrears in the past year, with nothing in the last six months. Only one county court judgement is permitted, to a maximum of £300. Redemption charges are three per cent of the advance in the first year, two per cent in the second year, and one months’ interest thereafter.

Premier five is not the cheapest one-year discounted self-certification mortgage on the market. According to Moneyfacts the cheapest is the 3.5 per cent discount from Bristol & West. This has a payable rate of four per cent for the first year of the mortgage. After this it is capped at no more than 1.75 per cent above the Bank of England base rate for loans of up to 75 per cent of valuation. Redemption penalties are five per cent of advance for the first two years, four per cent for year three and nothing thereafter. However no CCJs are permitted for the Bristol & West product.

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