Vernon BS launches new complex prime mortgage range
The Society says its new range allows for a "more sophisticated approach to pricing".
Vernon Building Society has launched a new range of prime mortgages aimed at customers with complex income streams and unique financial situations or those buying non-standard property.
The new complex prime range includes four new mortgage products, which are all available for purchase or remortgage. Across the range, sole applicants can apply for over 5.5 times their annual gross income, or over 5 times for joint applicants.
The new range consists of a two-year fixed rate at 4.75% and a five-year fix at 4.89%, both available up to 80% LTV with a maximum loan of £500,000.
Two-year discount products are also available in the range. The first has a rate of 4.65% and is available up to 80% LTV and a maximum loan of £1 million. The second has a headline rate of 5.19%, available up to 90% LTV with a maximum loan size of £450,000.
Both two-year discount products come with a £499 fee and, as with all Vernon discount mortgage products, offers 25% overpayment without charge.
The Vernon says underwriter discretion will be applied across the full complex prime range to take into consideration each applicants unique circumstances, with potential lending outside of criteria.
Brendan Crowshaw (pictured), head of mortgage and savings distribution at Vernon Building Society, said: “The Vernon personally underwrites every mortgage application, and we have developed a strong track record in being able to say ‘yes’ when larger lenders have to say ‘no’ as a result of rigid lending policies and automated decision making.
“We already have a strong reputation for catering for customers with complex mortgage needs, but with this enhanced range, brokers can offer their clients an even wider range of suitable products."
