We wanted to finish 2020 with some positive news and with that in mind we are delighted to announce some further positive changes to our Apex 0 product range together with the launch of a new initiative to introduce criteria to support family assisted purchases.
Self-Employed Borrowers with rates starting from 3.99%
We can now accept applications from borrowers where the main income earner is self-employed on our Apex 0 product range with rates starting from just 3.99%:
Key Eligibility Criteria where the main income earner is self employed:
• Minimum Income £40,000
• Max LTI 6.0
• Minimum Trading History – 2 years
• Minimum mortgage history of 24 months
• Meets all other Apex 0 Criteria
All other Apex 0 criteria is unchanged including minimum income of £15,000 where the main income earner is employed.
Introducing 2 yr Fixed Rates from 3.99%
We are adding a range of competitively priced 2-year fixed rate products to our Apex 0 product with rates starting from 3.99%. The inclusion of a shorter-term fixed rate product is designed to provide you with a greater range of advice options.
Family Assisted Purchases (Bank of Mum and Dad)
With the significant growth in financial contributions from parents and grandparents to help younger family members get onto the property ladder, we are launching specific criteria to support family assisted purchases:
• Available to assist with property purposes for children/grandchildren only (any other arrangements considered on a referral basis)
• ILA needed for all applicants where they are not benefitting from the loan
• Applicants to outline in writing the details of the arrangement
• If the capital being raised exceeds £100k we reserve the right to request further evidence of the purchase.
• Loan purpose must tie-in with the profile of the borrowers.
This is an opportunity to promote the flexibility of second charges and how they can work in tandem with the first charge market, particularly at a time when higher LTV mortgages in the first charge world are in shorter supply.
Supporting our broker partners goes beyond product propositions so please do get in touch if we can help you put together content for marketing campaigns to support your business, and work together to create a better awareness of the opportunities within the second charge market.
Broker Support Telephone Number Change
As we continue to expand our lending activities across the group, we have changed our telephone number for brokers looking to contact our broker support or underwriting teams.
The new number is 0333 123 4556 and this will be updated across all of our broker facing literature.
Please get in touch with our dedicated broker support team to discuss any new enquiries and thank you as always for your continued support.