The range will see the introduction of new product categories, two-year fixed rates from 5.79% and criteria enhancements.
Commenting on the new range, Keith Dearling, managing director, Advantage, said: “The non-conforming mortgage market has used the same categories for many years and it can be unpleasant for a client to be labelled heavy adverse etc. Therefore, we have created a range of non-conforming products that better suit the needs of today’s non-conforming borrowers which include innovative criteria, competitive rate and a new name structure.“
Advantage introduced new product categories in direct response to research from intermediaries that their clients have negative feelings towards the more traditional non-conforming categories such as heavy adverse. The new ADV non-conforming range has seven product categories; these are listed on e: lect, the company’s state of the art decisioning system and the sourcing systems as:
- ADV: 100
- ADV: 200
- ADV: 300
- ADV: 400
- ADV: 500
- ADV: 600
- ADV: 700
Advantage has also introduced a number of new criteria to its non-conforming range:
- A reduction in the requirement for the minimum remaining on a lease from 50 to 35 years
- The acceptance of additional new-build warranties
- No automatic requirement for a second valuation for loans above £500,000
- No re-inspection required for new build prior to release of funds
