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UCB aims for self-cert market

UCB Home Loans has brought in the new 6.9 per cent fixed rate self certification mortgage.

Aimed at first time buyers and people who are looking to remortgage their property, the mortgage is fixed at 6.9 per cent for three years for loans of up to 85 per cent of valuation. It is also available for home buyers who are self-employed and have trouble proving how much they earn.

The mortgage has income multiples of 3.25 times principal income plus second, which places it slightly higher than the industry norm of three times principal income plus second. The mortgage does not have any redemption penalties beyond the fixed rate period.

Compared to some of the other products on the market the mortgage is very competitive. According to Moneyfacts the next cheapest fixed-rate self-certification mortgage on the market on November 27, 2000 is the 6.99 per cent fixed rate mortgage from Exclusive Connections, which is fixed for the first three years of the loan.

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