Five specialist mortgage lenders enhance their criteria
As the specialist mortgage market continues to grow and flourish, we’re delighted to share with you the latest enhancements from some of the lenders which Ingard’s Specialist Team work in close partnership with.
The Mortgage Lender
- Improved contractor policy. Income calculation for a contract worker up to a maximum of weekly rate x 48. Max 85% LTV.
- Family gifted equity now accepted. These include gifted equity from parents, grandparents, siblings, aunts and uncles (including step and adopted relationships).
- Interest rates reduced by up to 0.25% across 10 products.
- 100% debt consolidation now available on products up to 70% LTV.
- Up to 3 unsecured arrears allowed in the last 6 months.
- All CCJs/defaults under £300 now ignored.
- All telecommunication CCJs/defaults now ignored.
- Gifted deposits/equity extended to include step-parents, aunties and uncles.
- Fees can be added to the loan to exceed LTV cap – subject to max total LTV of 85% for residential and 80% for owner-occupied.
- Loans up to £1m considered on near prime plans.
- Up to four applicants accepted on one application which can help to improve affordability.
Norton Home Loans
- Maximum loan size increased from £50,000 to £70,000.
- Lender fee and broker fee can be added to the loan as long as they do not exceed the max LTV.
- Minimum income reduced to £12,000 for single and joint applications.