The move is a bid to strengthen the lender’s position in the sub-prime market.
A number of changes have been made across its product range, including the removal of the monetary ceiling on capital raising and a minimum trading of six rather than 12 months for self-employed trading on its self-cert products.
Defaults are ignored across all categories and missed payments on secured loans in the same calendar month are treated as one missed payment. There has also been a reduction in requirements needed for bankruptcy and individual voluntary arrangements. Loan sizes in residential properties have increased to £1 million at 80 per cent loan-to-value (LTV), £750,000 at 85 per cent LTV and £300,000 at 95 per cent LTV, while the rates have remained the same.
Matthew Russell, communications and sales support manager at db mortgages, said: “The key is our specialist underwriting team, which can liaise with brokers and packagers on those cases that need more in-depth analysis.”
Roy New, a London-based sole broker, said: “It is obviously trying to increase its market share. As long as the fees and rates are comparable to other lenders, it should work.”
