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Home Mortgage Consolidation Calculators

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									           UNDER EMBARGO UNTIL 01/06/04, OO:O1AM




  FIRST NATIONAL REVAMPS ITS MORTGAGE PORTFOLIO


24th May 2004… GE Consumer Finance Home Lending has announced major
enhancements across its First National branded mortgage portfolio. The
changes, implemented in response to extensive research carried out among
its intermediaries, will increase product choice and service quality for both
intermediaries and their customers.


Refinements include; an enhanced product range, new intermediary websites,
a strengthened Originations team and a more streamlined underwriting
process.


Straightforward products:
The product range has been simplified; making it even easier for
intermediaries to advise borrowers on the product that best suits their needs.
Changes include a new range of tracker products linked to Barclays Bank
base rate. In addition, there will be a range of limited offers, consisting of:
      Fixed rates
      A new range of discounted products
      Loans of up to 95 per cent LTV available to all customers including first
       time buyers maintaining First National’s tradition as a market leader in
       this sector


Efficient service:
State of the art interactive websites First Nat Online for packagers and
First Nat Direct 2U for brokers, designed to assist intermediaries and increase
speed and efficiency in completing First National mortgages. The sites will:
      Allow intermediaries to directly email the underwriter dealing with each
       case they refer to First National
      Allow for real-time case tracking
      Provide online help and training
      Provide product selector and payment calculators (First Nat Online site
       only)
      Offer the facility to download and print off all product and criteria
       information (First Nat Online site only)


Simplified criteria:
In streamlining its underwriting systems and processes, First National will
improve efficiency and make its products open to a wider customer base.
Changes include:
      CCJs and defaults now evaluated by number and not value
      Revised income multiples to reflect present market conditions


To support these changes, the Originations team will be strengthened through
the addition of new, highly experienced professionals, who will support
intermediaries with their new mortgage applications.


Sean Webb, chief commercial officer, GE Consumer Finance Home Lending,
said: “We listened to our intermediaries to find out exactly what they wanted -
the key messages were simplicity, choice and flexibility. We have focused on
making the customer experience more transparent by simplifying and
streamlining the process and offering a greater choice of products.


“Now processing will be quicker and intermediaries will have better access to
information through our new interactive websites. By listening to feedback, I
am confident that we are providing an innovative solution to real
requirements, whilst retaining our quality and value for money.”



                                     - Ends -
For further information, please contact:

Lis Walton, PR & Corporate Affairs Manager, GE Consumer Finance Home Lending

Tel: 020 8909 7086
07919 113691

Email waltonl@fnb.co.uk

Bob Sturges, Head of PR & Corporate Affairs, GE Consumer Finance Home Lending

Tel: 07747 012211

Email: bsturges@igrp.co.uk


Adrian Warr, Hill & Knowlton

Tel: 020 7973 5947

Email: awarr@hillandknowlton.com



Notes to Editors


New benefits to intermediaries include:
   Interactive broker websites: First Nat Online for packagers and First Nat Direct 2U for
    brokers have been designed to assist intermediaries in completing First National
    mortgages. The sites will allow for tracking of applications, instant email communication
    with the Underwriter handling your case. In addition for Packager website, First Nat
    Online site will be able to provide a product selector tool and payment calculators and the
    facility to download and print off all product and criteria information to increase the speed
    and efficiency for intermediaries.


   New improved Product Range: Greater transparency for customers as their rate moves
    in line with movements in Barclays Bank Base rate (at the end of the limited offer rates,
    the rate will alter to the appropriate tracker rate).
   A range of Fixed and Discounted limited offers. These deals run for the full period of the
    offer (6 or 24 months for Discounted and 24 and 60 months for Fixed). At the conclusion
    of the limited offer deals, the customer rate will revert to the appropriate tracker rate
    (please see Intermediary rate card for further info)
   Only levy a High Percentage Advance Charge on advances in excess of 85 per cent LTV.
    This was previously 75 per cent LTV.
   Loans of up to 95 per cent LTV are available to all customers including first time buyers
   Mortgages for self -employed customers up to 90 per cent LTV and treatment of adverse
    credit history on self employed loans has been harmonised with other lending.


   Streamlined underwriting criteria
   First National will now evaluate CCJs and defaults by number and not by value.
   Income multiples have been revised for both joint and individual applications from
    typically 3.5 x first income + 1 x for second income or 3 times joint income to 3.75 x first
    income 1 x for second income or 3 x joint income


   Greater Efficiency
   A strengthened Originations team will be dedicated to helping intermediaries with queries
    and issues arising from new loan applications.


Notes to Editors:

About GE Consumer Finance Home Lending (igroup and First National)

   On the 15 January 2004, GE announced the formation of GE Consumer Finance Home
    Lending (GECFHL) with a single SMT and oversight over both igroup and First National
    brands.
   On 24 March 2004, Colin Shave was named as CEO for GECFHL.
   igroup and First National are two of the UK’s leading originators and servicers of
    specialist mortgages and secured loans.
   First National is a leading provider of flexible unsecured loans for the home improvement
    and holiday ownership markets.
   GECFHL operates from principal offices in Watford, Harrow and Wolverhampton.
   In 2004, GECFHL will have new business volumes in excess of $9billion and assets
    greater than $18billion.
   igroup’s and First National’s comprehensive range of products is sold through a national
    network of carefully selected and accredited intermediaries including mortgage brokers,
    independent financial advisers and suppliers of holiday ownership and home
    improvement material.
   igroup and First National provide their intermediaries with comprehensive support in
    training, business development and customer service.
   GE acquired igroup in June 2001 and First National in spring 2003.
   For more information visit www.igrp.co.uk and www.firstnat.co.uk


About GE and GE Consumer Finance
GE Consumer Finance, a unit of General Electric Company, with $106 billion in assets, is a
leading provider of credit services to consumers, retailers and auto dealers in 38 countries
around the world. GE Consumer Finance, based in Stamford, Conn, USA, offers a range of
financial products globally, including private label credit cards, personal loans, bank cards,
auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation
and home equity loans and credit insurance. More information can be found online at
www.geconsumerfinance.com.
GE (NYSE: GE) is a diversified technology, media and financial services company dedicated
to creating products that make life better. From aircraft engines and power generation to
financial services, medical imaging, television programming and plastics, GE operates in
more than 100 countries and employs more than 300,000 people worldwide. For more
information, visit the company’s Web site at http://www.ge.com

								
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