Equifinance relax 80% LTV secured loan for recent arrears & CCJ’s

Equifinance, the specialist secured loan lender, has relaxed its criteria most notably to accept applications at 80% LTV with missed mortgage payments in the last year. This niche product is one brokers should be aware of, particularly as there is a perception by many that over 75% LTV all second charge applications need to be squeaky clean.

Whilst some lenders will disregard all adverse credit over 12 months old, even at 85% LTV, the latest update from Equifinance goes further and fills the gap for those borrowers with more recent adverse who also need a higher LTV. This is not a product for all but with low ERC’s it can provide the finance required right now with a view to refinancing when circumstances improve.

The key points are:

• 80% LTV – must have paid 5 of the last 6 mortgage / secured payments – maximum loan £15000
• 75% LTV – must have paid 4 of the last 6 mortgage / secured payments – maximum loan £30000
• Ex council houses, flats and maisonettes accepted – max 5 storeys
• Recently self employed accepted
• Unlimited CCJ’s or defaults
• Rate – 19.2%

Equifinance’s other recent changes include accepting single applications from co habiting couples, increasing repayment terms to 300 months and accepting second charge behind Preferred Mortgages.

www.promisemoney.co.uk

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