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Sub-prime loans round off Midshires&#39 range

Halifax subsidiary Birming-ham Midshires is launching into the sub-prime market next week in a move it claims completes its goal to offer IFAs the total mortgage range.

Head of lending Michael Bolton says Midshires will initially be offering adverse-credit tracker mortgages thr- ough a panel of five packagers from July 9 in advance of a major nationwide launch later in the year.

The first tranche of loans offers four rates varying between 2 per cent and 3.5 per cent over the Bank of England base rate depending on loan to value percentage and the amount of adverse credit.

All the mortgages come with a discount scheme which reduces the initial rates – dependent on payment record – on an annual basis for the first four years until they reach 1 per cent over bank base rate for the remaining term of the loan.

The packagers in the open-ended trial include The Mortgage Operation, BDS, Pink Home Loans, The Mortgage Partnership and Manor Mortgages.

Midshires says its range of loans will expand to include adverse credit self-certification and buy-to-let products around the autumn.

Each loan has a flat£299 arrangement fee, no mortgage indemnity guarantee charge and a 1 per cent procuration fee for introducers.

The company says it will discontinue distribution through any brokers that it discovers charging borrowers an additional fee on top of the commission it offers.

Bolton says: “The sub-prime product range completes our one-stop shop specialist lending solution to the intermediary mort-gage market.”

BDS managing director Ian Nelson says: “We have worked with Midshires for many years and are delighted to be involved in this trial.I can only see a win-win situation for all involved, espec-ially the clients.”


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