The deal applies to its Light, Medium, Heavy and Unlimited ranges. All PMPA member packagers are offering a 0.25% reduction in the db core fixed rate, with no increase in the standard arrangement fee of £599.
db’s core fixed rates start from 6.25% for full status, 75% loan-to-value (LTV) loans on its Light scheme. Early Repayment Charges on db mortgages’ two-year fixed rates are 6% within the product period and there is no higher lending charge.
The PMPA offer coincides with db mortgages’ criteria enhancements that include: defaults ignored across all product categories; all missed secured loan payments in one calendar month treated as one missed payment; a reduction in bankruptcy/Individual Voluntary Arrangement (IVA) requirements across all product categories; increases in maximum loan sizes; and increases in income multiples.
Helen Hymos, lender relationship manager at PMPA, said: “We are extremely pleased to secure these highly attractive exclusive products for our packager members, especially as the fixed rates are substantially lower than the db core rate and the PMPA special offer does not entail an increase in the arrangement fee. db mortgages’ products are already a very popular choice and we expect demand to be high.”
Mark Bergin, sales and marketing director at db mortgages, said: "The exclusive product that PMPA is distributing will bring real value to the borrower. db mortgages is pleased to be involved in the fixed rate offering at a time when this product is proving so popular amongst clients.”
