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Lender designs sub-prime range for IFAs

High Street Home Loans has developed a range of all-sta-tus mortgages aimed at the sub-prime market to be sold through intermediaries.

The two-month-old Newcastle-based firm will be offering its products exclusively through intermediaries totarget customers unable to secure mortgages or remort-gages from high-street lenders and other providers.

Products include a 12-month fixed rate at 8.35 per cent for loans up to 90 per cent loan to value. There is a 1 per cent procuration fee for IFAs.

The loans will be backed by GMAC-RFC, the US mortgage provider and subsidiary of General Motors.

Taking the lead from the US success in the sub-prime area, the company aims to plug what it sees as a huge gap in the market.

Sales and marketing director Gary Forrest says: “There is a growing trend among the big building societies to resell their mortgage funds to companies such as ours, which we sell back to them after completion, taking the administrative hassle away from them.

“In future, we will be getting involved in the niche marketplace, devising new products in that area. We will never be price-driven but always niche-market-product-driven.”

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