View more on these topics

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.

Recommended

Sub-prime rates to soar

The cost of sub-prime mortgage borrowing looks set to rise and several lenders admit that rates will have to increase substantially.Merrill Lynch subsidiary Mortgages plc has confirmed it is repricing its sub-prime product range, with Edeus set to follow this week.GMAC-RFC has already increased its fixed-rate loans and says it is repricing its Partners fixed […]

The Royal wedding is off

It is August and although it is still unseasonably miserable outside the protection industry has somewhat ground to a halt, which I hear is the norm at this time of year.

Credit Suisse gets merger go-ahead

Credit Suisse has won share-holder approval to consoli-date its multi-manager fund range. The European, North American and Japan-ese multi-manager funds will be merged into its international portfolio and the Asia Pacific fund into emerging markets .

Biotech manager Powell joining Polar Capital

Axa Framlington biotechnology fund manager Gareth Powell has left the firm to join Polar Capital.Powell took over the biotech fund in April 2005 from veteran manager Antony Milford.He is set to start at Polar Capital in October and the company is looking at launching a number of healthcare mandates for him and he will also […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com