Trustguard adds Freedom
Freedom has become Trustguard’s 23rd panel lender and will offer both prime and non-conforming products, as well as in niche areas such as self-cert, buy-to-let and let-to-buy.
Sian Brown, national sales manager at Trustguard, said: “We are delighted Freedom Lending has joined our panel. It is a genuine all-status lender and has a vast range of market-leading products. The high loan-to-values (LTVs) and affordability calculator are a huge benefit and we are confident we will be able to promote its products easily to our brokers.”
Freedom products will be calculated on an affordability basis, rather than through income multiples, and no credit scoring is undertaken. Also, clients can overpay by up to £5,000 in any 12-month period.
The products are two and three-year discounted self-cert mortgages with rates beginning at 5.08 per cent on the two-year product and 4.89 per cent on the three-year product.
Both are available up to 90 per cent LTV, have a packaging fee of £300 and a proc fee of 0.5 per cent.
The two-year has an early repayment charge of 5 per cent and the three-year deal charges 6 per cent for the first year and 5 per cent for the remaining two years.
Jason Richardson, director of YooToo Financial Services, said: “They are there or there abouts in terms of competitiveness. The 90 per cent on the two-year deal is a good feature, especially as most lenders don’t go that high.”