The Professional Mortgage Packagers Alliance has teamed up with DB Mortgages to offer exclusive deals on its sub-prime range.
PMPA is releasing two-year fixed rates on DB’s light, medium, heavy and unlimited ranges, pegged at the December 2006 level of a 0.25% reduction in the lender’s core fixed rate.
There will be no increase in the standard arrangement fee of 599.
DB’s core fixed rates start from 6.30% for full status, with 75% LTV loans on its light scheme.
Early repayment charges on its two-year fixed rates are 6% within the product period, and there is no higher lending charge.
Helen Hymos, lender relationship manager at PMPA, says: We are extremely pleased to retain these highly attractive, exclusive fixed rates for our packager members, especially at a time when fixed rates are experiencing increased demand in the marketplace.
The PMPA exlusive fixed rates are substantially lower than the DB core rate and the PMPA special offer does not entail an increase in the arrangement fee, so this represents extrememly good value for customers.