As part of the changes, Advantage has removed the maximum age limit in addition to confirming that the products would have no early redemption charge overhang on its two and three-year products.
Its discount mortgage rates have been made available at a rate of 4.29 per cent, with a number of ex-local authority leasehold properties accepted for loans equal to or above £100,000 when the loan-to-value is less than 85 per cent.
ADV products include no higher lending charges and counts CCJs by number rather than amount. A 5 per cent builder and vendor deposit is also accepted on a number of product categories, with let-to-buy deals added to the ADV proposition.
Commenting on the changes to the ADV range, Keith Dearling, managing director at Advantage, said: “When we launched the ADV range we said that we would constantly monitor the products on offer and listen to our introducers’ needs as it is essential that we constantly review and make improvements.
The current repricing is further evidence of this commitment to the intermediary market and it doesn’t stop here. In the coming months there will be further improvements to e:lect for both brokers and packagers.”
Hugh Nichols, partner at Badbury Berkeley Financial Services, welcomed the enhancements. He said: “I think Advantage needed to compete with the new players in the market and those that had made enhancements to their systems and products. It is good that Advantage has got rid of the maximum age, but there are still too many lenders that are stuck in a time warp.”
