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DB Mortgages to increase sub-prime rates by 1 per cent

DB Mortgages says it will be increasing rates on its sub-prime products by 1 per cent when it relaunches its range on August 20.

The lender says it will also be making changes to its near-prime range which sees it increase the rate of its full status product by 0.20 per cent and self-cert by 0.35 per cent.

This comes after the non-conforming lender announced earlier this week that it will be tightening its lending criteria on its sub-prime and light buy-to-let products. The move saw it no longer accept first time buyers on its sub-prime mortgages. It also said it would be withdrawing the self-cert option.

DB Mortgages says it will no longer consider those who have missed payments in the last three months for all sub-prime schemes and second charges will no longer be accepted either.

This week has also seen Victoria Mortgages announce that it would be increasing rates on its sub-prime products by as much as 2.5 per cent, whilst Mortgages Plc said it has re-priced some of its higher-risk loans by more than 1 per cent.


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