Secured lender Nemo Personal Finance has introduced new fixed rate product options.
The new products were launched in response to customer feedback asking to know the exact amount their monthly repayments will be over the course of the fixed-rate term. Nemo’s new options enable customers to fix their rate for a period of time.
Nemo’s current fixed rate products consist of the following features:
- Available to new customers via Nemo’s broker network (3 year fixed rate products only)
- Available to customers with a loan to value ratio of up to 90% LTV, minus their existing mortgage balance.
- Range from 6.1% APR to 13.8% APR – typical rate stands at 7.2% APR variable.
- Available to new customers who are employed or self-employed.
- At the end of the fixed rate period, customers will revert to the equivalent variable rate.
- No set-up or exit fees.
“There is clear customer appetite for fixed rate secured loans. Nemo is pleased to respond to both customer and broker partner demand to be able to offer this,” said Jo Edwards, commercial director at Nemo Personal Finance.
“We regularly listen and act on our customer feedback and this is another example of the business striving for the best possible customer outcomes. We have recently expanded our pricing and credit risk capability, which will allow us to continuously monitor the market and our book to identify products to suit customers.”
