Opus launches new-style sub-prime service

Amanda Jarvis

March 7, 2003

The new range, which is exclusive to Opus Mortgages Ltd, includes market leading rates and user friendly lending criteria which positions the products amongst the best in the market.

Opus Mortgages Ltd is also marketing a number of products funded by Kensington Mortgages, Mortgages plc, Preferred Mortgages and GMAC Residential Funding, which include a unique borrower benefits package.

The benefits package, worth one per cent of the loan, can be taken as cash back or to pay for the cost of taking a mortgage i.e. application, valuation and legal fees. The deal is being paid for by lenders, with brokers and Opus also accepting lower procuration fees.

The Glasgow based company, which has recently changed its name to Opus Mortgages Ltd, has been operating in the UK mortgage market since 1991 and currently generates in excess of £500 million of mortgage applications per year.

Opus Director, Lockhart Bruce, says: “The new Opus product range is a no-strings attached deal which puts sub-prime mortgages on a closer par with their mainstream counterparts. In a regulated mortgage market, Opus potentially represents true ‘best advice’ for any broker advising credit impaired client. Brokers will therefore be able to take the same approach to prime and sub-prime business – something they have previously not been able to do.

“The launch of the Opus brand means far more than the announcement of a new company name. It closes the gap between prime and sub-prime lending and proves that they are not two entirely different markets, but merely different ends of the same spectrum.”

Opus has invested heavily in its staff and up to date IT technology. The development of an efficient administration system enables the company to ensure its on-site underwriting and processing teams can offer a consistently high quality service. The company is committed to providing borrowers with impaired credit records with a fair and competitive mortgage deal.

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