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Amber Homeloans enhances unlimited adverse product but increases rates on self-cert and near prime ranges

Amber Homeloans enhances its unlimited adverse product range but increases rates on self-cert, near-prime and buy-to-let product ranges.

The lender says it has not changed rates on its adverse fixed rates and has instead chosen to increase the maximum LTV acceptable from 80 to 85 per cent on its unlimited adverse product range.

But Amber has decided to re-price its core discount products and all core self-cert, near prime and BTL fixed rates. These products will be withdrawn tomorrow with replacement products launched on August 22.

The new products will mirror the old products but with an increased initial rate. All discount products will be increased by 0.50 per cent and the self-cert, near prime and BTL fixed rate products will be increased by 0.10 per cent.

The lender says that recent days have seen many sub-prime lenders responding to the instability in the US with frantic re-pricing, or the complete withdrawal of entire sub-prime product ranges.

Amber Homeloans managing director Gordon Jolly says: “Many sub-prime lenders have taken the decision to protect their own interests, rather than maintain their commitment to intermediary business partners in the face of the threat that the US sub-prime crash has brought. Amber is sticking with our current fixed rates across our sub-prime ranges, including our unlimited adverse products.”

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