In April 2006, db mortgages commenced a pilot scheme with three packagers to ensure that their systems and telephony were tested in a live environment. The broader rollout with the 20 registered packagers is the start of second phase of db mortgages’ expansion into the packager market.
An online DIP facility, called ‘’Online Decision’’ will be available for all pre–registered packaging firms on a phased basis from the beginning of July. This will combine the benefits of automatic accepts with manual underwriting by a team of underwriters on all referrals. Online application and case tracking will follow later in the year. Packaging agreements are being set up along with website user registrations for the db mortgages website.
To coincide with the launch of phase two, a range of products is to be launched which will include:
· Buy-to-let options on a self financing (20 properties - 120 per cent rental cover of opening rate basis), and an income based (single property) up to 90 per cent loan to value for purchase and 85 per cent loan to value for re-mortgage.
· Self–certification up to 90 per cent loan to value for purchase and remortgage. Both these product types will include non–conforming options.
Mark Bergin, director of sales and marketing at db mortgages, said: “This phase of our roll out strategy to more packagers reinforces our belief that this is a valuable distribution channel. We are especially pleased with the support from the packager community as more than 70 contracts have already been signed and returned to us.
“We are releasing some market-leading fixed rates for a limited period together with some good tracker products. Product details along with the list of approved packagers and our sales team contacts are listed on the website. We want to make the market aware of our serious intentions to become a leading specialist provider of self-certification, buy-to-let and non-conforming mortgages.
“Further system developments are planned for later in the year which will facilitate online applications, KFI’s and case tracking. These developments are focussed on supporting those who prefer to transact business on a non-packaged basis.”
