db mortgages has announced the launch of a non-conforming range available for packagers.
The rates will include two and three-year fixed rates across the whole of the range. The current two-year Bank Base Rate (BBR) tracker pricing rate is also being revised.
Other initiatives include an increase in gross proc fees paid to packagers from 2 per cent to 2.5 per cent on its medium adverse range through to its unlimited adverse range.
The products will also be available for sourcing on Mortgage 2000 and Place Me sourcing systems, in addition to Trigold and Mortgage Brain.
Mark Bergin, director of sales and marketing at db mortgages, said: “We already provide up to 90 per cent loan-to-value (LTV) on both self-cert and buy-to-let (income-based and self-financing) alongside a range of adverse products, so this makes our mortgage offering even more attractive.”
Terry Chamberlain, director at Finance and Mortgages Solutions, said: “2.5 per cent for non-conforming loans, depending on the level of adverse credit, is a reasonable fee for medium range cases. The higher the adverse the higher the fee you would expect, as db will charge higher interest rates. But its success may depend on the size on loan it will go up to. If it will go to £1,500,000, it will be a good thing as there are not many players that will go that high. If it goes high, it will get a large amount of business.”
Andrew Townsend, director at Beacon Mortgages, commented: “Beacon, as a new user of db mortgages, welcomes any new and broad range of products onto the market that will give the consumer a greater choice.”
