First National launches enhanced product range

Amanda Jarvis

November 8, 2004

The modifications to the product range have been made as a result of feedback from brokers, demonstrating the company’s continuing commitment to its intermediaries. This new product range is now available.

The product range has been improved in three key areas, making it even easier for intermediaries to advise borrowers on the product that best suits their needs. The refinements to the new range of products include:
– a more flexible system for Defaults for Status applicants,
– an improved way of dealing with CCJs
– a new approach to customer arrears

Unlimited Defaults for Status applicants will now be permitted across the Light and Medium adverse ranges. Exceptions apply for first time buyers and at the highest LTV bands for self-certified and self-employed customers.

County Court Judgments (CCJs):
To qualify for the Medium adverse range, customers should have no CCJs in the last three months; previously this was six months.

To qualify for the Light and Medium adverse ranges, customers should not have missed mortgage payments in the last three months. In addition to this, one month’s arrears in the last 12 months will now be permitted on the Light Adverse range up to 95 per cent LTV.

Sean Webb, chief commercial officer, First National & igroup said: “Times change, as do the requirements of our brokers and we are keen to evolve our products to reflect these changes. We have introduced improved pricing on our tracker, fixed and discount products, so now even more people can take advantage of our competitive portfolio of products.”

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