From today, the Feather Adverse mortgage is available with a full status option at a rate of only 3.60% and also has a self-certification option at 4.10%.
Key Features
2 options:
1. Feather Adverse 2% Discount Mortgage – Full Status
3-Month LIBOR* + 2% - with 2% discount until 31.01.06 – current rate 3.60%
2. Feather Adverse 2% Discount Mortgage – Self-Certification
3-Month LIBOR* + 2.5% - with 2% discount until 31.01.06 – current rate 4.10%
Available up to 90% LTV
Minimum loan £25,000; maximum £500,000
Capital repayments up to 10% of the balance of the mortgage allowed each year without charge, within redemption charge period.
Early redemption fee of 5% in year 1, 4% in year 2 and 3% in year 3
£195 completion fee debited on completion.
High Percentage Loan Fee of 7% of the loan charged above 75% LTV.
The Full Status mortgages are suitable for borrowers who intend to provide evidence when declaring their income. However, borrowers are also offered Self-Certification options whereby Amber will accept a declaration with minimal verification of income. Amber’s full product range is available via a select group of mortgage packagers and panels.
Mike Perry, head of sales and marketing at Amber Homeloans Limited, commented, "In January this year, Amber launched the Bespoke Mortgage which was aimed at those customers with heavy adverse credit problems. This product has proved very successful and we are now pleased to be able to focus our attentions on helping clients at the opposite end of the scale. The Feather Mortgage is ideal for any borrowers who have not missed any of their mortgage payments but may be penalised for a low credit rating."
