Unity launches ‘large loans range’

Full status loans up to £3 million and self-cert loans up to £1.5 million are now accomodated for and will be available on Unity’s prime range. A total of six packages have been launched, with a two and three-year fix at 5.63 per cent and 5.53 per cent respectively.

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Unity has also launched a two and three-year fixed self-cert, at 5.83 per cent and 5.63 per cent respectively. Two trackers have also been released – the two year tracker status, with 1.5 per cent discount for two years, at 5.57 per cent, while a two-year self-cert tracker also has a discount, offered at 5.76 per cent.

Among the features are five-times income multiples, no extended tie-ins, no credit scoring and bankruptcy discharged for three years.

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Ian Nelson, chief executive at Unity, said: “Larger loans are increasingly popular as certain sectors of the UK economy boom. Whether it’s a professional footballer or a city trader there are a significant number of people that have the financial ability and desire to purchase expensive properties. Many of these clients would fail traditional credit scores due to erratic income and bonuses and so our underwriting approach is more appropriate.”

Mike Pendergast, IFA at Zen Financial Services, said: “This is more for the borrowers who live in areas with larger value properties but the rates are nothing special. The buyer would normally prefer a better rate to lower arrangement fees as they save money, but these rates are fairly average.”

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