Advantage, the specialist mortgage arm of Morgan Stanley, has today announced new rates on several of its mortgage products, following similar moves from other sub-prime lenders.
For the ADV non-conforming range, rates start at 5.34%, with no higher lending charge, affordability based lending and the acceptance of CCJ’s on number rather than amount.
The Advantage self-certification range now starts from 6.34% and allows up to 95% LTV borrowing and no higher lending charge. First time buyers may borrow up to 90% LTV.
The buy-to-let range has also been re-priced, with rates starting at 5.54%. The buy-to-let option allows a portfolio of up to £5m and can lend up to 90% LTV.
Keith Dearling, managing director of Advantage, comments: “Advantage held off re-pricing whilst we assessed market conditions and is one of the last specialist lenders to announce new rates. Advantage remains committed to offering competitive products and lending criteria to brokers and packagers, enabling them to respond to borrower demand.”
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Range launched in March 2017