Preferred raises rates on sub-prime deals

Preferred is the latest lender to adjust its pricing structure to help cope with worries triggered by problems in the US sub-prime market. Last week, Northern Rock announced it would raise its rates by up to 1.25%. A spokesperson for Preferred says criteria and completion fees will not be changing at present. db Mortgages has made several changes to their sub-prime criteria, such as not allowing self-cert and changing default limitations, rather than make a significant rate hike. The new range will be available from 10 September, while previous rates will no longer be available from 7 Sep...