Scarborough Specialist Mortgages Launch Rates Designed For Immediate Impact

Press release published on 9 October 2006 by Scarborough Building Society

• Prime rates from 5.29%
• Near Prime from 5.34%
• Light Adverse from 5.39%
• Medium Adverse from 5.99%
• Heavy Adverse from 6.29%
• Self-certification from 5.54%
• Specialist Buy-to-let from 5.34%
• Adverse Buy-to-Let from 6.49%

These are some of the eye-catching interest rates which will help Scarborough Specialist Mortgages (SSM) make an immediate impact in the non-conforming lending arena.

The rates – among the best available – complement a range of other outstanding features signalling SSM’s fresh approach to sub-prime home loans. These include simplicity, flexibility, market-leading lending criteria, commonsense underwriting, no hidden loadings and attractive procuration fees.

Specifically, the range will offer:

• Prime, Near Prime, Light Adverse and Medium Adverse – up to 90% loan to value (LTV);
• Heavy (unlimited) Adverse - up to 80% loan to value (LTV);
• True self-certification available on all of the above – with 0.25% loading (0.50% Heavy
• Adverse 80% LTV & Medium Adverse 90% LTV);
• No loadings for re-mortgages and Right-to-Buys;
• Buy-to-Let up to 90% LTV, with 120% rental calculation at pay rate (115% at 85%);
• Adverse Buy-to-Let at 90%;
• No over-hanging ERCs;
• No Higher Lending Charge;
• All products have Flexible features;
• All products available as 2-year Fixed Rate or 2-year Base Rate Tracker – all reverting to Base Rate-linked rate;
• Broker procuration fees up to 1.25% for sub-prime, and up to 0.75% for Buy-to-Let.

And this is all backed by SSM’s personalised approach to service, which will include offering intermediaries direct access to some of the most experienced specialist underwriters in the business, via its Packager Desk in Leeds (Tel – 0845 130 9737) and Broker Desk in Scarborough (Tel – 0845 389 9593).

Tony Burdin, Head of Group Marketing for Scarborough Building Society, said: ‘The feedback we had from brokers and packagers suggests that, although they value good service, the pricing of the products has to be right too.

‘We have done our best to meet their expectations by coming up with a very competitive range.

‘This signals our determination to become a serious, long term player in the specialist sector – providing intermediaries with the best personalised service available, coupled with the kind of deals they would often struggle to find elsewhere.’

SSM will launch via packager associations AMPD and Freehold – and a number of Scarborough Building Society’s introducer key accounts – on Monday, 9 October, with wider intermediary availability anticipated in the near future.

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