With the continued volatility in financial markets over the last couple of weeks and further evidence of falling property prices, with effect from Friday 10^th October the maximum LTV for our Near Prime to GEM 2 products will be 80% for both employed and self employed applicants - all other LTV's will remain unaffected.

Refinance for Existing Customers

With effect from Friday 10^th October we will be withdrawing our refinance proposition for existing igroup 1^st charge customers i.e. Wraps (ref plans) or an ERC reduction of up to 2%. Cases can still be submitted for existing customers, however, no ERC reduction will be applied and commission will only be paid on any additional lending.    

Pipeline Arrangements

All cases above 80% LTV and refinance cases submitted on ref plans or where a customer is expecting a reduced ERC will need to be received by close of business on Friday 10^th October and offered by Friday 24^th October, all other cases will be returned to yourselves.  

All cases above 80% LTV will need to have had a DIP completed on the current 3808 range by 5:30pm on Thursday 9th October.

After close of business on Thursday 9^th October you will be unable to amend existing IDOL DIPs created for these cases. However, provided there has been no change to any applicant’s full name, address or date of birth (as reflected within the KYC documentation), the application meets our criteria and is received before close of business on Friday 10^th October the original DIP decision will be honoured. If any of these details change, the new criteria will apply.

There will be no exception to these rules  

New Product Guide

A new product guide will be issued after the Bank of England base rate announcement on Thursday.

We apologise for the short timelines in announcing these changes and the disruption this may cause to your business. We hope you appreciate that exceptional market conditions make these changes necessary.

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 6574.

Kind regards

-

Mark Harrison

Sales Director

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For intermediary use only.
This promotion is intended to provide information on igroup products for mortgage professionals only and is not intended as a promotion to prospective igroup customers. Prospective customers interested in igroup products should first seek professional mortgage advice from an authorised intermediary before applying for a igroup mortgage.

igroup is a trading style of GE Money Home Lending Limited.Registered office Building 4, Hatters Lane, Croxley Green Business Park, Watford, Hertfordshire, WD18 8YF. Registered in England no 3770763. GE Money Home Lending Limited is authorised and regulated by the Financial Services Authority.

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