Preferred announces its new core range with enhancements including increased discounts and reduced loadings.
Changes have been made across the product range from near prime through to unlimited adverse.
The new products include a range of increased discounts up to 2 per cent until June 1 2006, no remortgage loading up to 75 per cent LTV and reduced early repayment charge for discounted mortgages for extra-light, light, mid and unlimited to 6, 5 and 4 per cent thereafter 1 per cent or 1 month’s notice.
There is no loading for mortgages up to 500,000 and near prime product range has been increased to a maximum of 500,000. Mortgages are available up to 90 per cent LTV on near prime.
Preferred no longer requires last six months mortgage payments on light adverse if the previous lender is sub-prime.
Income multiples are available at 3.75+1 or 3.25 x joint. Fees can be added up to 95 per cent LTV.
Preferred aims to fully underwrite AIPs within 24 hours and pays procuration fees within 48 hours.
Preferred managing director John Webster says: “The new core range reflects our ongoing commitment to provide intermediaries with our most competitive products yet.”