The Bespoke Mortgage will help brokers provide an Amber mortgage for each of their clients, regardless of their previous credit history.
The mortgage is based on 3-Month LIBOR (currently 4.03%) plus additional loading depending on the risk. There is a 1% discount until 30 April 2004 and capital repayments up to 10% of the balance of the mortgage are allowed each year without charge, within the redemption charge period. There is a £395 completion fee.
Mike Perry, head of sales and marketing at Amber Homeloans Limited, commented, "The launch of the Bespoke Mortgage is an important move for Amber and a major boost for brokers. Our existing panels have all told us that demand for a product of this nature is very high. Now any clients who were previously unable to get a mortgage due to their credit history can have a loan tailored to suit their individual circumstances."
