DB Mortgages has stepped up its presence in the sub-prime specialist market with several improvements to its lending criteria.
The changes follow a review of criteria and feedback from the packager market.
Mark Bergin, director of sales and marketing at DB Mortgages, says: We are rapidly becoming one of the main sub-prime lenders and implementing these changes to our criteria demonstrates our appetite to become a leading force in this sector. I am confident that these changes will be well received.
We have been working with our packaging partners to develop a market leading product range and early feedback on the changes has been very positive.
The revised criteria will become effective from Monday December 4.
This includes defaults ignored across all product categories, increasing the number of Country Court judgements from 150 to 500 for near prime plus, and disregarding satisfied CCJs over six months old for near prime to super light.
In addition, all missed payments on secured loans in the same calendar month are treated as one missed payment, the requirement on bankruptcy and individual voluntary arrangements have been reduced, and loan sizes on residential increases to 1m at 80% LTV, 750,000 at 85% LTV and 300,000 at 95% LTV.
Near prime and buy-to-let are now available to 90% LTV for both purchase and remortgage, unlimited products are available to 85% LTV for both purchase and remortgage, and adverse-to-adverse remortgages are acceptable.
Income multiples have been increase in near prime plus and near prime, and super light to unlimited.
Self-employed clients can now qualify with a minimum trading of six months rather than 12 for self-cert.
The monetary ceiling for capital raising has also been removed.