Building society collective Mutual One has launched its Mutual One Mortgage Partnership initiative, allowing its members to offer Amber Homeloans’ product range through their branches.
Societies can now have access to Amber’s full range of products which range from near prime to super heavy adverse, and from buy-to-let to self-cert deals.
The first society to offer Amber’s products through its branches is Hanley Economic, but other societies will follow over the next few weeks.
Mike Perry, associate director of sales and marketing at Amber, says: “I am pleased that we have this opportunity to work with societies and I hope that this will be the start of a relationship we can develop in the future.”
Richard Carson, general manager of business development at Mutual One, says: “I am delighted that Amber is partnering Mutual One in the development of this initiative which is designed so that mutuals can attract and retain customers.”
David Lownds, head of marketing at Hanley, says the initiative will help it offer more choice to customers.
He says: “Hanley believes in offering a choice proposition to its borrowers. This initiative will complement our product range and will further enhance our reputation as a prominent provider of mortgage solutions in our heartland.”
Amber also recently launched a range of semi-exclusive adverse products that are available through its key account packagers.
These deals include a three-month LIBOR-linked range spanning the adverse market with 18-month and 30-month fixed rate options.
Highlights include heavy adverse products having up to 85% LTV for full status or self- certification with 18-month or 30-month fixed rates and initial pay rates from 7.29%. It also allows up to £15,000 County Court judgements and four missed mortgage payment in the past 12 months.
Four-year fixes with initial pay rates from 7.79% are also available, in addition to the standard fixed rate options at heavy adverse level.
The super heavy adverse product offers up to 85% LTV full status or self-cert, with 18 or 30-month fixed rates with initial pay rates from 7.49%. Unlimited CCJs, missed mortgage payments and defaults are also acceptable, as are discharged bankruptcies.