The Bespoke mortgage product is also being relaunched to offer a 1% discount for 12 months from completion.
These new products are available from 17th January 2005. Defaults are completely ignored on these products and CCJs can be ignored if over 3 years old or if satisfied for over 1 year.
Further details of the new full status Light and Medium Adverse products and the Bespoke product:
- Light Adverse Full Status - up to 90% LTV, SVR + 0.75% with a 3% Discount until 30.04.07 – initial pay rate of 4.59%. An unlimited number of CCJs are acceptable up to the value of £3000 on this product. Up to 2 months’ missed mortgage payments within the last 12 months, however 0 missed in the last 6 months.
- Medium Adverse Full Status – up to 85% LTV, SVR + 0.75% with a 2.5% Discount until 30.04.07 – initial pay rate of 5.09%. An unlimited number of CCJs are again acceptable up to the value of £7500 on this product. Up to 3 months’ missed mortgage payments within the last 12 months, however 1 missed in the last 6 months.
- Bespoke – 1% Discount for 12 months from completion off the 3 month LIBOR rate (currently 4.85%) plus menu-driven loading for any adverse history. Available up to 85% LTV.
Mike Perry, associate director of sales and marketing at Amber, commented, “We are very pleased to announce the re-launch of the exciting new Light and Medium Adverse full status products and are happy to be further increasing their competitiveness in the market. Also, the move to a 12 month discount period on the Bespoke product will offer the intermediary increased flexibility, ensuring that all borrowers benefit from the full 12 months discount.”
