The first product is aimed at higher loan-to-value (LTV) customers, with a rate of 5.19 per cent available up to 95 per cent LTV, with no higher lending charge (HLC) on loans up to 90 per cent LTV.
There is also no overhanging early repayment charges (ERC) on the product, which is discounted until 31 August 2008. However, an ERC of 5 per cent during the term of the discount exists.
Commenting on the product, Mike Perry, associate director of sales at Amber Home Loans, said: “This is an extremely attractive self-certification product, which strengthens Amber’s exclusive product strategy. While catering for higher LTV customers, on loans up to 90 per cent there is the benefit of no higher lending charge.”
Pink has also launched a two-year discount mortgage product priced at 4.89 per cent, available up to 75 per cent LTV.
Both products have an arrangement fee of 1 per cent, which can be added to the loan, and net commission of 0.6 per cent.
Tony Jones, managing director at Pink Home Loans, said the products offered mortgage brokers an alternative route to helping high LTV self-cert customers. “We are delighted to be able to offer this exclusive competitive product to our intermediaries. It provides brokers with a viable alternative when looking at the higher loan-to-value self-certification customer and offers attractive rates.”
Mike Fry, director of Halton Insurance Service, said: “It’s good Amber is going so high on the loan-to-value as with house prices the way they are now, you have to look at that kind of product. However, in my experience, packagers aren’t great to deal with as you often can’t get through to them and you feel like you are losing control.
“The products sound good but past experiences with middle men might put me off.”
