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RAMP launches light adverse tracker with SPML

Packager&#39s alliance RAMP has joined with SPML to launch a light adverse tracker mortgage available from LIBOR plus 2.25%, which offers the same LIBOR plus loading for remortgage as for purchase.


The product – exclusive to RAMP members – ignores CCJs if they are for £150 or less, satisfied more than a year ago, or unsatisfied if registered more than two years ago. Income multiples are 3.5 x single income or 3 x joint income. The rate of LIBOR plus 2.25% is available for LTVs up to 65%.


For higher LTVs the rates are: up to 75% LTV, LIBOR plus 2.5%; up to 80% LTV, LIBOR plus 3%; up to 85% LTV, LIBOR plus 3.25%; 90% LTV, LIBOR plus 3.5%; and LIBOR plus 3.95% for 95% LTV.


John Rice, managing director of RAMP, says: “The benefits of working closely with lenders are now becoming evident for RAMP packagers and their intermediary customers. We can now offer the marketplace some of the most competitive non-conforming deals available anywhere.”


John Prust, director of SPML, says: “SPML is delighted to offer this attractive light adverse mortgage to RAMP members. We are very pleased to be associated with this up and coming packager alliance.”


An arrangement fee of £395 is charged (£495 if over £350,000), which can be added to the loan. A higher advance fee (MIG) of 6.75% is payable on the portion of the loan above 75% LTV.  Redemption fees are 6% in year one, 5% in year two, 4% in year three and 1% or one month&#39s notice thereafter. 



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