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Mortgage lender expands self-certification offerings
Tue, 24 Jan 2006
Bank of Scotland (BoS) Mortgages has launched two new fixed-rate mortgage deals for self-certification customers trying to find a mortgage.

The mortgage lender has also increased its self-certification limit to £1 million, Mortgage Introducer reports.

Self-certified mortgages allow potential borrowers that do not fit traditional mortgage lending criteria to qualify for mortgages. It is aimed specifically at people who want to find a mortgage but are unable to prove their income.

The new mortgage deals offered by BoS Mortgages are aimed at high net worth customers and others with complex needs, the mortgage lender said.

Offering a mortgage rate of 4.89 per cent on a maximum loan-to-value of 75 per cent, the first new fixed-rate mortgage is fixed for two years. An arrangement fee of £599 is payable.

A new three-year fixed-rate mortgage offers a mortgage rate of 4.89 per cent on up to 75 per cent loan-to-value. Mortgage borrowers will not have to pay any arrangement fee when taking out this mortgage.

Charles Haresnape, managing director of BoS Mortgages, believes the self-certification mortgage market will continue to grow in 2006.

He told Mortgage Introducer that the new limit on self-certification mortgages means that the mortgage lender is able to cater for all needs, "no matter how complex".

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