Discounted Self-Certification Mortgage

County Mortgages launches discounted self-certification mortage and home loan.

County launches 3.99% discounted self-certification mortgage

County Mortgages, the Fareham-based branded lender and packager, has cut the interest rate on its discounted self-certification discount mortgage to a new low of 3.99%.

The MIG-free product, which comes with a refund of valuation fee, is discounted until September 1, 2004 with limited funds allocated on a first-come first-serve basis.

Mortgages and Home Loans Discounted

The product is available to first and second time buyers up to 75% ltv, the employed and self-employed. Few checks are required and none are needed from employers or accountants.

Tristan Pile, Director of County Mortgages, said: “MIG-free, No Income Declaration products at this rate with limited checks are rare. This is a criteria product that will open up avenues that other lenders are not pursuing. The fact that the client does not have to declare an income makes this scheme extremely attractive. Clients who have variable commissions and bonuses, second jobs, investment income and the self employed can all now borrow at a level which they wouldn’t be able to with traditional lending sources. We expect to do a lot of business on this product.”

Redemption penalties are payable during the first two years of the mortgage: 3% during year one and 2% during year two. Up to 25% of the loan can be paid per annum without penalty.

At 3.99% the maximum LTV is 75%. For 85% LTV the rate it is 4.49% and 90% LTV it is 5.49%.

The procuration fee is 0.5% and there is an arrangement fee of £395, which can be added to the loan.

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