GE launches light adverse range
It has created three key areas; the introduction of a near-prime range with a choice of fixed or discount products with rates starting from 3.99 per cent; a light adverse range which is built around its existing GEM 0 plans to appeal to customers with minor blips in their credit record; and the non-conforming range now encompasses its GEM 1 to 7 plans. It has also revamped its buy-to-let range.
Gerry Bell, head of mortgage marketing at GE Money Home Lending, explained the widening of the product bands was initiated through intermediary feedback which reported an increasing demand for light adverse and near-prime deals.
He said: “We have made three key changes and revamped our buy-to-let range in an effort to meet increasing brokers wants and needs. We are over a year on from regulation and we are aiming at putting the focus back on intermediaries and these areas are currently the ones in demand.”
Duncan Berry, director of first mortgage sales at GE Money Home Lending, added: “The new products have been segmented to provide our brokers with the most competitive, flexible and attractive range to meet the diverse needs of their customers.
“The changes offer a clear and ‘easy-to-use’ suite of great value products for a wide range of customers. Over the next week our sales team will be taking to the road to bring their intermediaries up-to-speed with the enhancements, which will set brokers up for 2006.”
James Cotton, mortgage specialist at London & Country, said: “The area between prime and standard non-conforming is an area that’s growing continuously and more lenders are filling this void for consumers with only a small amount of adverse credit.”