db rolls out non-conforming range

The product rates will include two and three-year fixed rates across the whole of the range. The current two-year Bank Base Rate (BBR) tracker pricing rate is also being revised.

Other initiatives include an increase in gross procuration fees paid to packagers from 2 per cent to 2.5 per cent on its medium adverse range through to its unlimited adverse mortgage range. In addition a 0.25 per cent bonus will be paid for fully packaged cases received before 13 October 2006 on the above non-conforming categories.

The products will also be available for sourcing on Mortgage 2000 and Place Me sourcing systems, in addition to Trigold and Mortgage Brain.

Mark Bergin, director of sales and marketing at db mortgages, said: “We already provide up to 90 per cent loan-to-value (LTV) on both self-certification and buy-to-let (income-based and self-financing) alongside a comprehensive range of adverse products, so this makes our mortgage offering even more attractive.”

Terry Chamberlain, director at Finance and Mortgages Solutions, said: “2.5 per cent for non-conforming loans, depending on the level of adverse credit, is a reasonable fee for medium range cases. The higher the adverse credit the higher the fee you would expect to see, as db will charge higher interest rates. But its success may depend on the size on loan it will go up to. For example, if it will go to £1,500,000, it will be a good thing as there are not many players in the market that will go that high. If it goes high, it will get a large amount of business.”

Andrew Townsend, director at Beacon Mortgages, commented: “Beacon, as a new user of db mortgages, welcomes any new and broad range of products onto the market that will give the consumer a greater choice.”