The Regulatory Alliance of Mortgage Packagers has launched its first range of exclusive products.
A cashback buy-to-let tracker, a cashback self-certification tracker and a non-conforming minor adverse self-certification product.
The mortgages are being introduced with the support of Platform and are only available through RAMP members. The alliance believes that the three products are among the best currently available to intermediaries.
John Rice, managing director at RAMP, says: “The significant position that RAMP has built in the mortgage market means that it is now able to offer these very attractive products to brokers. Intermediaries will have to look very hard to find similar mortgages outside the RAMP network.”
Both the cashback buy-to-let tracker and the cashback self-certification tracker are at Bank base rate plus 0.8% for a duration of three-years. The mortgages provide LTVs from 75%, with a lending limit of £500,000 and for up to 85% a lending limit of £300,000.
Borrowers receive a £650 cashback payment upon completion. The products are available to the employed and self-employed, for purchase and remortgage.
The mortgages carry a completion fee of £395, which can be added to the loan, and a procuration fee up to 1%. Redemption interest is 6% during the first three years and once the three-year redemption period has passed, borrowers revert to Bank base rate plus 1.95% for the buy-to-let tracker and base rate plus1.75% for the self-certification tracker.
The minor adverse self-certification mortgage is at LIBOR plus 2%, with rates available from 4.25%. The initial rate depends on the non-conforming discount that applies to the borrower when taking out the product.
A maximum of £1,000 in County Court Judgments are permitted, in addition to one month's mortgage arrears. Maximum LTV is 75%, with a lending limit of £300,000. Standard non-conforming procuration fees apply.
The above products are only available through RAMP members County Group, Solent Mortgage Services, MD Nationwide, Enterprise Homeloans, The Finance Centre, Vesta Money, em-financial, Pavillion Securities, Beacon Mortgages and IMB.
Guy Batchelor, sales and marketing director at Platform says: “Following Platform's addition to the RAMP panel in January, the company has been collating feedback from the members on their needs in terms of exclusive products and so are delighted to launch these with immediate effect.”