High Street Home Loans fired off a salvo in the mortgage war by cutting its rates by 1% across it...
High Street Home Loans fired off a salvo in the mortgage war by cutting its rates by 1% across its entire variable rate subprime range for a 12 month period.
The subprime range is designed to cater especially for borrowers who might otherwise find difficulty in securing a loan, for example, people who are self-employed, unable to prove their income, on short-term contracts or have minor and even heavy adverse credit histories.
The rate cut affects around a hundred of High Street's different products and is available until 1st June 2002 for purchases of up to 95% loan to value (LTV), mortgages of up to 90% LTV and for self-certification deals to 85% LTV.
High Street already claimed it was outperforming its competitors in the UK's subprime market at least 70% of the time before the rate cut. Its competitors include Kensington, SPML, Mortgages, Preferred, Platform Home Loans and First National.
High Street claims that its pay rate of 7.87%, makes it the cheapest on the market, it points out for example that Kensington is 8.7% and First National is 9.74%.
High Street's products are distributed exclusively by independent financial advisers and mortgage brokers. The High Street Home Loans broker hotline can be reached on 0191 423 9220
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