Step One Finance has lowered rates on many of its second charge products by as much as 2% and made major improvements to its lending criteria including new products and changes to assessment of adverse units for secured and unsecured credit payments.
These latest product enhancements continue to help you maximise the opportunities to serve your clients if they need finance for home improvements, a major purchase or debt consolidation.
Main updates include:
- Up to 2% reduction in rate on many product selections
- Revised assessment of adverse units for both secured and unsecured credit
- Reduction in AVM confidence level to 4
- Married applicants no longer required to be joint applicants
- Ability to go behind Equity Release 1st mortgages
- Reduction in Lender Fee on BTL mortgages to 2%
- Continued ability to go to 80% LTV for equitable charges, AVMs, BTLs and applications with a number of adverse credit units
Seconds remain a popular form of finance and lending levels are on the rise in 2018*. According to FLA figures they are proving useful for customers looking for an alternative to re-mortgaging or have equity in their homes they want to use for getting in a better financial position for the future.
For example, there’s also the option to pay off historic debts and have just one monthly payment, making a customers’ finances easier to manage.
These enhanced Step One homeowner loans can also potentially offer a lower rate of interest when compared to unsecured personal loan products and provide longer repayment terms.
There are many opportunities with second charges, but if you’re not sure how to help your customers with their finance needs, get in touch with us as we can assist in other ways too:
- Detailed product and criteria knowledge
- Expert assistance to place complex cases
- Cases can be tacked online
Find out more about all our products here.
