View more on these topics

RAMP launches exclusives

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&#39s mortgage arrears. Maximum LTV is 75% (lending limit of £300,000). Standard non-conforming proc fees apply.

Recommended

Bananas Inc launches three-year buy-to-let tracker deal

Packager Bananas Inc has launched a three-year buy-to-let tracker deal at base rate plus 0.8%. The deal has a current rate of 4.8% with LTVs available up to 85% with a lending limit of £300,000. Borrowers receive a £650 cashback payment upon completion of themortgage, which is being launched by Bananas Inc with the support […]

Banking-Insurance Services appoints mortgage adviser

Banking-Insurance Services has appointed Richard Marsden as independent mortgage adviser for the DE postal region. Marsden established his partnership in November 2003 and offers in excess of 50 lenders and 7,000 products. The company also have access to the insurers from across the market covering buildings and contents, life cover and ASU and MPPI.

Preferred adds extra 0.25% discount to larger loans

Preferred Mortgages has added an extra discount of 0.25% on all loans over £200,000. The extra discount means the total discount is now from 1.75%. The limited offer is available on all core range products until July 1 2005. John Webster, business development director at Preferred, says: “With house prices continuing to increase, larger loans […]

Advance Home Loans launches S500 product range

Advance Home Loans, the branded lending arm of mortgage packager AdvantageMortgage Services, has launched its S500 product range funded by Southern Pacific Mortgage Limited. Advance already offers exclusive product ranges funded by Platform, GMAC-RFC, Mortgages PLC, First National and now SPML. Advantage believes that the Advance Home Loans product range will offer its brokers the […]

Artemis Investments’ Outlook for 2016

Political change and the ‘normalisation’ of interest rates mean 2016 is likely to be another interesting year. But what will it bring for equities – and bonds? Here, a number of Artemis’ managers share their views. Click here to read the full article

Newsletter

News and expert analysis straight to your inbox

Sign up