db mortgages, the specialist mortgage lending arm of Deutsche Bank, has relaunched its sub-prime range but with more rigid lending criteria after turmoil in world credit markets.
This week, several other lenders have postponed launching new sub-prime product ranges due to difficulties obtaining funds in the current worldwide credit squeeze. Lending criteria has been tightened on db’s sub-prime range, from the Light product through to Extra Heavy. Changes to the range include a withdrawal of the self-cert option and no further lending to first time buyers. The Extra Heavy range has also seen a maximum CCJ limit of 20,000 introduced and will no longer allow unlimited arrears customers; instead, arrears will be limited to 5 in 12. Interest rates on the sub-prime ra...
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