igroup relaunches GEM 1st mortgage product range
From 31st January 2005, igroup’s mortgage portfolio will be significantly improved making it even easier for intermediaries to advise borrowers on the product that best suits their needs.
Product changes – highlights
The changes create better value products and offer greater flexibility for brokers and borrowers alike, with reduced fixed rates across the full GEM range (GEM 0-7) for all fixed rate terms, and improved discount rates on GEM 0-4. The minimum loan amount will be also reduced to £10,000 on all products within the range, and new Loan-To-Value (LTV) bands will be introduced.
Key enhancements to the GEM range include:
· Reduced fixed rates on all GEM plans for all fixed rate terms, with rates starting at 5.25%.
· Improved discount rates on GEM 0-4, with rates starting at 5%.
· Revised early redemption charges on discount and fixed rates.
· The minimum loan amount has been reduced to £10,000 on all products within the GEM range.
· New larger loan limits on selected GEM products
· New 60-70 per cent and 70-80 per cent LTV bands.
· Mortgage references not required on GEM 1-2 and not usually required on GEM 0. Relevant data will be taken from Experian CAIS data shown in credit searches.
· Individual unsatisfied CCJs less that £250 ignored on GEM 0.
Sean Webb, igroup’s chief commercial officer, said: “We look constantly at ways to improve our product offering to meet the needs of our intermediaries. As their requirements change, so will our products. These major enhancements to our market-leading GEM range serve to demonstrate once again our continuing commitment to intermediaries. The new products provide igroup brokers with great value products, with rates starting from 5% and a more accessible range to a greater number of customers.