Amber Homeloans Ltd has launched a full adverse, menu-driven mortgage which can be tailored to suit each individual' s needs.
The Bespoke Mortgage will help brokers provide an Amber mortgage for each of their clients regardless of their previous credit history.
The bespoke mortgage carries a three-Month LIBOR pay rate (currently 4.03%) plus additional loading for risk based on LTV with a 1% discount until April 30 2004. Loans are available up to 85% LTV for loans between £25,000 and £500,000.
Capital repayments up to 10% of the balance of the mortgage are allowed each year without charge within redemption charge period. The deal carries a 5% redemption charge for three years and a £395 completion fee.
Amber' s full product range is available via a select group of mortgage packagers and panelsincluding Network Mortgages, SP Mortgages, Mortgage Intelligence, Exclusive Connections, Genesis, MPS, Pink Homeloans, DBS Members, Homeloan Partnership, Homebank, Reedsrains, Network Data, Mortgage Direct, IMA, Connells, Optima, and APS Europe
Mike Perry, head of sales and marketing at Amber Homeloans Limited, says: “The launch of the Bespoke Mortgage is an important move for Amber and a major boost for brokers. Our existing panels have all told us that demand for a product of this nature is very high.
“Now any clients who were previously unable to get a mortgage due to their credit history can have a loan tailored to suit their individual circumstances.”