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Trustguard has launched a new 90% LTV self-certification range.

Apr 29, 2008
Introduction of New self-certification range - Trustguard.

The packager has linked up with Kensington to offer rates from BBR+1.69% for a 2-year self-cert tracker. The 'no-overhang' range is available to prime first-time-buyers, the employed and self-employed and for purchase and remortgage.

The National Sales Manager of Trustguard, Sian Brown was heard to say: "There is a significant gap in the market where these products used to be. Providers have recently deserted this area which has left many brokers unable to meet their client's needs. The availability of these products has diminished to the point where they were nearly an endangered species. It's our hope that our new range of these products will really help brokers supply the demand that is out there."

Trustguard will be offering a two year option at 6.99% fixed and a three year one at 6.89% fixed. There is a completion fee of 1,999 which can be added to the loan above the maximum allowed LTV and there won't be a higher lending charge. The maximum on offer will be 500,000.

Prospective applicants should have no arrears in the last 12 months, no defaults in the previous 3 years, no CCJS in the past three years, never have been a bankrupt and have no IVAs. The reversion rate will be BBR+2% and overpayments of up to 10% will be allowed every year.

The Drapers Hall in London is to be the venue where the Association Of Financial Brokers will hold their annual dinner on the 1st of July 2008. The keynote speaker will be Philip Collins from the OFT (Office of Fair Trading) ably backed up no doubt by The Rt Hon John Gummer, MP, the AFB Chairman.

A Director of the AFB Mr Robert Sinclair said: "As the acknowledged expert in Competition and European Law we are absolutely delighted that Philip Collins will be speaking to us after the dinner. Hopefully Philip will be able to provide valuable insights into the changing lending markets and of course the upcoming Competition Commission Report on Payment Protection. This will be a valuable opportunity to hear the views and opinions of the Man who runs the Office of Fair Trading."

The Intermediary Mortgage Lenders Association (IMLA) has questioned the effectiveness of the FSA regulatory regime following publication of the second stage of the FSA's Mortgage Effectiveness Review.

"The IMLA does welcome the 2nd stage of the Mortgage Effectiveness Review although in reality the findings are not really surprising and don't help the industry very much." said Peter Williams, IMLA Excutive Director. "As we all know most sub prime mortgages are processed via intermediaries who are obviously in the best position to judge the particular circumstances that each borrower faces. It's hardly surprising also that borrowers rely on their Broker's expertise and professionalism."

"In many respects the findings are most salutary for the FSA. In terms of the Mortgage Conduct of Business rules (MCOB), the study throws into question the effectiveness of the regime in place and the degree to which it is over-engineered. Hopefully findings such as these will be fully reflected in the MCOB Review and its outcomes."
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