Happy New Year!
2024 was an amazing year for us, and we feel so lucky to have you as our partner —or a partner-to-be! To kick off the new year on the right foot, we’re super excited to share some updates about our product criteria. Here’s what’s new:
- Reduced rates
- AVM criteria got a big upgrade.
- No more EICR requirements!
- New 2-status plan introduced for both bridging and term loans.
- Better rules for adverse credit: if an item of credit is 3 down but the balance is under £300 we will now ignore this for adverse calculations.
- Increased 2nd charge loan size to £300k.
- Express completion option is now available for all loans (additional costs apply).
- Field Connect document collection service is ready to go (additional costs apply).
- Minimum mortgage history for 2nd charges is now just 6 months (down from 12).
- Holiday let criteria improved.
- Equitable charges now available up to 70% LTV.
Additionally, we’ve made some administrative changes:
- The Bridging default fee now set at 5%.
- The discharge fee on all loans is £245.
We hope these changes make it even easier and more flexible for you and your clients!
We’ve also updated our product matrices, which you can download here:
If you’d like to chat or need more details, Tim and Vicky, our amazing BDMs, are always happy to help. Just reach out to them directly anytime.