We’re continuing to see high loan to value enquiries where the client has a historical adverse credit history. We’ve been able to place these enquiries on our 90% LTV semi-exclusive product with Kensington Mortgages. See the ‘product of the month’ section for the criteria highlights.
We have helped an increasing number of brokers with enquiries where the client requires a higher income multiple but have missed mortgage payments. In many cases, these clients have been through a recent marriage separation and are looking to make an onward purchase on their own. For these clients, we’re able to achieve up to 75% LTV but there must not be more than a status 3 within the last 24 months on the mortgage payment profile. Depending on the number of missed mortgage payments, the lender may consider another unit of adverse such as a CCJ/default in addition to the missed mortgage payments.
These products can go up to 6x’s income and rates start in the mid 4% region (75% LTV), depending on the client/property profile.
We have 2 new products available that cater for clients that have historical defaults and are looking for more competitive rates at 85% LTV. The product is suitable for first time buyers as well as home movers and is also available for properties in Scotland.
Watch this space for another of our lender partners who will soon be launching products for properties in Scotland!
READ our case study of the month and find out who our product of the month goes to…