UCB Home Loans enters adverse credit mortgage market
Tuesday, 20, Mar 2007 05:38
UCB Home Loans has said it will expand into the adverse credit mortgage market.
Starting from March 22nd 2007, the lender - which currently specialises in self-certification and buy-to-let mortgages - will be offering a range of self-cert adverse credit loans up to 85% loan to value (LTV) and status adverse credit loans up to 90% LTV.
The three adverse product categories now available are:
Self-Cert and Status Extra Light Adverse - up to £1000 in County Court Judgements (CCJs) or defaults and up to 1 month's mortgage or rent arrears (none registered in last 3 months).
Self-Cert and Status Very Light Adverse - up to £2000 in CCJs or defaults and up to 2 months' mortgage or rent arrears (none registered in last 3 months).
Self-Cert and Status Light Adverse - up to £3000 in CCJs or defaults and up to 3 months' mortgage or rent arrears (none registered in last 3 months).
Each category has two and three-year fixed and tracker-rate products, with interest rates based on the customer's loan to value.
"The combination of rates, fees and lending criteria on the new adverse range is designed to provide intermediaries with even more choice for their clients when looking for products to fit their needs," said Keith Astill, managing director at UCB Home Loans.
However, UCB Home Loans will not be offering medium and heavy adverse loans to customers who have more serious credit problems.
UCB Home Loans is the specialist intermediary lender of Nationwide.
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