Interest rates of 5.99 per cent (full status) and 6.09 per cent (self-certification) are available for borrowers with up to £15,000 of CCJs, and an interest rate of 5.59 per cent is on offer for prime self-certification and near prime products.
Mike Perry, associate director sales and marketing at Amber, commented: “Our standardisation of interest rates payable for our sale products will make submission easier for intermediaries, as there will be none of the usual worries associated with cascading applicants from one level of adverse to another, because the interest rates payable are the same across the adverse sale range, up to a maximum of £15,000 CCJs.”
The sale products are available in addition to Amber’s current core range of products, and span the adverse range from feather through to heavy adverse. Full status products all have a fixed rate of 5.99 per cent, and self-certification products have a fixed rate of 6.09 per cent. All of the adverse sale products are HLC-free and have no extended ERC tie-in.
There is also a near prime sale product available up to 95 per cent LTV with up to £500 CCJs accepted on a full status basis. The ‘high street’ rate of 5.59 per cent is fixed until 28 February 2010, and this product is HLC free up to 90 per cent LTV (a 7 per cent HLC is charged on loans from 90 per cent LTV). There is no extended ERC, and self-build applications are acceptable on this product.
Amber is also offering a prime self-certification product in the sale, up to 95 per cent LTV at a fixed rate of 5.59 per cent until 28 February 2010. CCJs and defaults are ignored if over three years old or if satisfied for over one year (except mortgage defaults), and the product is HLC free up to 90 per cent LTV (a 7 per cent HLC is charged on loans from 90 per cent LTV). There is no extended ERC, and self-build applications are also acceptable.
