Non-confirming mortgage lender Preferred Mortgages is offering its Near Prime product, targeting customers with minor credit problems.
The product aims to bridge the gap between Preferred's existing non-conforming products and products available on the high street. The range of products provides solutions for customers with varying credit problems and offers rates from 4.59 per cent until October 1, 2005 and 4.99 per cent until October 1, 2006.
Business development director John Webster says: “Our product offers an alternative for customers who, despite having only minor credit problems, find it difficult obtaining a mortgage from a high-street lender.
“It is understandable that customers with minor credit problems do not want to pay the rates associated with heavier adverse products and why should they? With this in mind, we have developed a product more in tune with customer needs and the changing economic environment.”