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GE Money hikes large loan proc fees and slashes rates

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  • 06/12/2013
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GE Money has slashed rates on its large mortgage loan range and doubled proc fees in an “aggressive” challenge to the high street.

The intermediary lender, which specialises in customers with adverse credit histories, has reduced rates by up to 1% for loans over £250,000. It is offering rates starting at 2.79% for a two-year discounted product at 70% loan-to-value.

The range revamp also includes loans on new-build up to 80% LTV for the first time.

In addition, GE Money has increased proc fees for large loans from 0.2% to 0.4%. The lender distributes mortgages through 24 broker firms, networks and packagers.

AToM managing director Dale Jannels said the move offers a real alternative to the high street: “It is just a really good, aggressive stance from GE Money.

“It is a really attractive proposition now for someone who might have had a tough couple of years.”

Borrowers with no defaults or County Court Judgements in the past two years are eligible to apply for the lowest rates. Those with up to two defaults and one CCJ in the same period are eligible for rates beginning at 3.59%.

GE Money marketing director Gerry Bell said: “With rates starting from 2.79%, we can now offer some of the most competitive rates from a specialist lender. Added to improvements to our new build policy and reducing time to offer we think this is a compelling package for intermediaries and their customers.”

The lender is also to accept scanned copies of documents in order to speed up the process. This excludes the original application form, any legal documentation and accountants’ certificates, if required.

Your Mortgage Decisions director Martin Wade said he welcomed the move to increase proc fees, but added: “The proc fee should be the cherry on the cake rather than the cake itself when making a product selection.”

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