The lender Tenet Mortgage Solutions has announced the launch of a brand-new range of products that are being targeted at retired and senior officers in the police force.
Harpenden Building Society has teamed up with Tenet on this range of products, which will see borrowers start off on lower rate levels that begin at 2.09% for three or two-year loans, before eventually returning to more typical standard variable levels. In announcing the launch of them, Harpenden stated that they were designed to fulfil the needs of people in the police force that cannot meet the criteria of orthodox high street lender mortgages.
Those working in the police that sign up for one of these mortgages will have the choice of either a 70% maximum loan-to-value (LTV) interest-only loan or a 75% maximum LTV repayment mortgage. They can be used for either buying a first home or re-mortgaging, and they come with 35-year maximum terms of repayment.
They are available to retired officers, as well as serving ones, as long as they are still earning in another field, and they can provide proof of this over 12 months, as well as projected income for the next 12.
Speaking to FT Adviser, Raj Bains from Harpenden said:
“Our pragmatic approach ensures mortgage applications, whatever their source, are individually assessed using common sense. We aim to make the process as tailored, simple and personal as possible.”
This could open up another client market for advisors who have the CeMAP training needed to be able to complete applications successfully.