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

By: Russell Marsh.

New 90% LTV self-certification range introduced by Trustguard.

They've joined forces with Kensington to give rates from BBR+1.69% for a two year self certified tracker mortgage. This will be offered to employed, self employed, prime 1st time buyers and can be used for purchasing or remortgaging.

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.

Overpayments of up to 10% are allowed per year. Applicants should have no CCJs within the last three years, no arrears during the past 12 months, no defaults in the previous 3 years, no IVAs and must never have been a bankrupt. The reversion rate is BBR +2%.

Philip Collins, chairman of the Office of Fair Trading (OFT) will be the keynote speaker at the Association of Finance Brokers' (AFB) annual dinner on 1st July 2008. It is to be held at the Drapers Hall, London. AFB's chairman, The Rt Hon John Gummer, MP, will also be speaking.

Robert Sinclair, director of AFB said: "We are delighted to announce that Philip Collins will provide our after dinner speech. As an acknowledged expert in the area of European and Competition Law, Philip is uniquely placed to provide insights into changes in lending markets, and the forthcoming Competition Commission report on payment protection. It will be a great opportunity to hear, first hand, from the man who governs the OFT."

The FSA's (Financial Services Authority) effectiveness is being questioned by the IMLA (Intermediary Mortgage Lenders Association) after the FSA published it's 2nd stage of the 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."

"On the whole these findings are complementary to the Financial Services Authority. As far as the MCOB (Mortgage Conduct of Business rules) I think the results of this study question the regime already in place and suggest the over-engineering could be simplified. I'm hoping these findings will be properly considered in the MCOB review."

Article Source: http://www.articlemap.com

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