Victoria Mortgages says it is ready to pass on internal cost savings to borrowers from Monday.
It is targeting the near-prime and light adverse markets with new deals, after revealing in August that it plans to triple business over the next 12 months by reducing rates.
The near prime range allows for £500 of unsatisfied CCJs and no missed mortgage payments in the last twelve, and includes 90 per cent self-cert two and three-year fixed rates at 6.35 per cent.
The light adverse range allows for £1,500 of unsatisfied CCJs and/or one missed mortgage payment in the last twelve, and includes a 90 per cent self-cert two-year fixed rate deal at 6.55 per cent, or a three-year fix rate at 6.8 per cent.
Victoria chief executive Kevin Hillgren says: “These products show that the extremely efficient packager-driven model we have built at Victoria brings significant value added benefits for borrowers. Our new pricing demonstrates we are serious in our commitment to bringing the benefits of Victoria’s straightforward approach to the market. We will continue to develop new products and services that enable borrowers to share in the efficiencies of our operating model over the months and years to come.”