The Regulatory Alliance of Mortgage Packagers has launched its first range of exclusive products – a cashback buy-to-let tracker, a cashback self-cert tracker and a non-conforming minor adverse self-cert product.
The mortgages, funded by Platform, are only available through RAMP members and the alliance believes that the three deals are among the best currently available to intermediaries.
John Rice, managing director at RAMP, says: “The significant position that we have built in the market means that we are now able to offer these attractive products to brokers. Intermediaries will have to look hard to find similar mortgages outside the RAMP network.”
Both the cashback buy-to-let tracker and the cashback self-cert tracker are at Bank base rate plus 0.8% for three years with LTVs from 75% (lending limit of £500,000) up to 85% (lending limit of £300,000). Borrowers receive £650 cashback upon completion. The products are available to the employed and self-employed for purchase and remortgage.
Each of the deals carries a completion fee of £395 which can be added to the loan and a procuration fee up to 1%. Redemption interest is 6% during the first three years and once the three-year redemption period has passed, borrowers revert to Bank base rate plus 1.95% for the buy-to-let tracker and base rate plus 1.75% for the self-certification tracker.
The minor adverse self-cert mortgage is at LIBOR plus 2% with rates available from 4.25%. The initial rate depends on the non-conforming discount that applies to the borrower when taking out the product.
A maximum of £1,000 in CCJs is allowed as well as one month's mortgage arrears. Maximum LTV is 75% (lending limit of £300,000). Standard non-conforming proc fees apply.