Wave enhances adverse range

It has also increased procuration fee payments to both brokers and packagers.

The products, which range from Almost Prime (£250 CCJ in the last 2 years, none in the last 6 months) to Light Adverse (£4,000 CCJs in the last 2 years, none in the last 3 months), include the following features:

• 2-year Bank Base Rate trackers starting from 6.23%
• 3-year Bank Base Rate trackers starting from 6.18%
• 2- & 3-year fixed rates available from 6.08% OR option to pay a reduced completion fee of £795 plus a 0.4% rate loading.
• All defaults are ignored from Near Prime Plus
• Procuration fees have been increased for both brokers and packagers (typical broker proc fees range from 0.5% for an Almost Prime Self Cert mortgage, to 1.25% for a Light Adverse Self Cert mortgage).

Director of marketing, Mel Dring, said: “We’re delighted to be announcing these enhancements, which position our Light and Near Prime mortgages amongst the most competitive in their sector. This should help to ensure Wave is a top choice when brokers are placing this type of business. The increases to our proc fees also ensures we stand comparison with any in the market

“These enhancements are tangible evidence of our ability, with backing provided by Meryll Lynch, to compete head-to-head with other leading lenders in our chosen sectors of the mortgage market. We have ambitious targets for the year ahead and, so far this year, are on target to treble our new business volumes.”