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Thursday 22nd May 2008 Dear Intermediary With continued volatility in our market and money market rates increasing, we have had to review our pricing. The new rates will be launched on Tuesday 27th May 2008 across the First National core range, including splitting the reversionary rates between Fixed and Discount Products. Please see updated product and rate guide attached. Additional Criteria Changes Valuations - Core and BTL Ranges (FNM/NPM/BTL)
Mortgage and Rental History - Core Range (FNM/NPM) For all products (including High) we require proof of the last 12 months mortgage/rental payments for all mortgages including any BTL mortgages held by the applicant(s). This will also include all secured loans held where the balance is in excess of £25,000 or where the balance is below £25,001 and not being consolidated into the FN loan. Self certified Applications - Core Range (FNM/NPM) Being a prudent and responsible lender we will review applications to ensure that there is a reasonable alignment between occupation and income declared. We will review this where income is less than £60,000 for FTB, FTB+, NP+, NP and Ultralight and less than £40,000 for Light, Light2Medium, Medium and High. Deadline Dates Since the introduction of IDOL (instant decision online), over 90% of applications submitted have had a decision in principle issued. In order that we have a more managed transition between different product ranges, you will be required to obtain a decision in principle (DIP) from IDOL prior to submitting a packaged case to us by a given date. This will provide you with a better service at a time of product transition. So in this instance, the new product range (NPM2208 and FNM2208 - effective from 27th May 2008) replaces NPM1408 and FNM1408 (effective from 9th April 2008 and refreshed on 9th May 2008). You will need to produce a DIP on the current 1408 range before the new products go live on the morning of the 27th of May, (you will have the ability to DIP cases across the weekend and up to 8pm on 26th May). The fully packaged submission deadline for Core 1408 cases is Friday 13th June, after this 2208 rates will apply. For BTL cases with valuations under £100,000, we require the submission of the attached BTL Registration Sheet. This must be completed in full with the valuer having already been instructed. The form should be submitted to Marie Reacord (marie.reacord@ge.com) by 5.30pm on Friday 23rd May 2008. We will not be changing the range name for this valuation amend to criteria, therfore BTL1708 will remain. No faxed or emailed submissions will accepted. Please note as a minimum the packaged cases must contain the following in order to be processed:
If cases are submitted to an onsite underwriter please be aware of their availability on 13th June ensuring that full packs are submitted either before or by this deadline. If you have any questions please do not hesitate to contact your National Account Manager, Business Development Manager or the Sales Liaison Team on 0845 610 6560. Kind Regards -
- Mark Snape - Sales Director Packager Channel |
