The recent additions include The Mortgage Centre, IMP, Oxygen, Newcastle Mortgage Company, MCA and PMP. The firms will now be able to use db’s online decision-in-principle (DIP) tool.
The move marks rapid growth for the lender following its entry in to the market with a pilot scheme in April 2006 via Pinnacle Mortgage Funding, The Mortgage Service and The Select Partnership.
As well as expanding its packager distribution panel, db mortgages has also made a number of rate changes on its products. The new rates include self-certification with two and three-year Base Rate trackers starting from 5.35 per cent on the near prime plus range.
Changes have also been made to the buy-to-let income-based and buy-to-let self-financing, with two and three-year Base Rate trackers starting at 5.25 per cent on the near prime plus range. The product range will go as far as unlimited adverse on self-certification and light adverse on buy-to-let.
Discussing the changes, Matthew Russell, communication and sales support manager at db mortgages, said: “We launched into the market with very competitive rates, and priced ourselves ahead of many other lenders in the market, and we are on a managed and phased roll-out with a number of packagers. As a result, we have re-priced our products to bring them more in line with the rest of the market. The addition of 11 new packagers marks the continuation of our growth strategy.”
Commenting on the rate changes, Ray Boulger, senior technical manager at John Charcol, said: “db’s original rates were priced well and marked their entry in the market. As the increase is quite high, this makes them less competitive.”
