Amber has enhanced its unlimited adverse product range, increasing the maximum loan-to-value (LTV) acceptable from 80 to 85 per cent. Applicants will also receive a free standard valuation and £250 cashback paid upon completion.
Chris Smith, new business manager at Optoma, said: “We have seen many lenders starting to tighten their criteria and increase their rates due to current conditions. We feel the addition of the free valuation and cashback will only act to increase interest.”
Gordon Jolly, managing director of Amber, added: “Many non-conforming lenders have taken the decision to protect their own interests, rather than maintain their commitment to broker business partners in the face of the threat brought by the US non-conforming crash. We are happy to confirm that we are sticking with our current fixed rates across our non-conforming ranges, including our unlimited adverse products.”
Mike Perry, associate director of sales and marketing at Amber, added: “The quality of the packaging Optoma provides on behalf of Amber is first class. We are delighted to be strengthening our partnership together.”
Roy New, a London-based sole broker, said: “Obviously, it’s subject to the rates, but hopefully fixes seem to be holding or falling, which is good news. I can see rates falling slowly and that will go across the board. The £250 cashback is good and just might tip the scales for the client; as long as it’s not added to the loan elsewhere.”
