Infinity launches into near-prime
The lender has launched the range with simplicity and value in mind and comes after feedback from mortgage intermediaries.
The product range is split into near-prime, light and express categories, with the near-prime range starting at 5.60 per cent for a two-year fixed rate.
Matt Gilmour, chief executive officer at Infinity, commented: “This is our first major product launch since becoming a fully independent mortgage lender. We had very clear objectives – to be more competitive and more user-friendly. We have simply torn up what went before and launched something completely new. With an easier, more compact range, with incredibly sharp rates and some of the highest procuration fees in the market, this new product suite puts us in there with the big boys.”
The near-prime range is available up to 90 per cent loan-to-value, income multiples of four times for single or 3.5 times joint are allowed and brokers are provided with a procuration fee of 0.75 per cent.
Clients are allowed up to £2,000 in CCJs and two arrears in the last year, but only one in the last three months with a prime lender and none with a non-conforming lender.
There are also no overhangs on its two and three-year products and a £50 discount for applications made online.
Michael Brill, director of Baronworth Investment Services, said: “If you are after a two-year fixed then there aren’t that many about, although Platform do a two-year fixed at 5.55 per cent through Premier Mortgage Services, so it isn’t very competitive with that. If circumstances allow, it would be better to go with a three-year fixed from Amber at 5.19 per cent. However, on this, the arrangement fee is high so the Infinity product makes up for it a little there but it currently isn’t that competitive.”