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RAMP unveils non-conforming tracker deal

Packagers alliance RAMP has launched a non-conforming mortgage in conjunction with Preferred Mortgages.

The exclusive tracker is available at LIBOR plus 2.25% for LTVs up to 75%, with a discount of 1.5% for 12 months from the date of completion. The product allows up to three months mortgage arrears (none in the last six months), bankrupts who have been discharged a minimum of 12 months, and those with well-conducted IVAs.

John Rice, managing director of RAMP, says: “This is an exceptionally good adverse product that is now available exclusively from RAMP&#39s packager members. It offers light adverse interest rates, with savings of up to 50 basis points per year, and light lending criteria.”

For an LTV up to 80% the rate is LIBOR plus 2.65%, up to 85%LTV LIBOR plus 3%, and up to 90%LTV LIBOR plus 3.65%. These LTV ranges attract a 12-month discount of 1%. Maximum loan size is £1m up to 75% LTV and, for higher LTVs, the ceiling is £500,000. Minimum valuation is £30,000. The product is available for purchase and remortgage.

There is a three-year tie-in and a redemption penalty of 6% in year one, 6% in year two, and 6% in year three for the discounted product. For non-discounted, the redemption penalty is 5% in year one, 4% in year two, and 3% in year three.

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