Last post: Jan 30, 2012
Whisper it quietly, but there are signs of “green shoots” in the loan market as we head in 2012. Towards the end of last year we saw many Secured loan lenders increase their LTVs and lending volumes markedly picked up from 2010.
Whisper it quietly, but there are signs of "green shoots" in the loan market as we head in 2012. Towards the end of last year we saw many Secured loan lenders increase their LTVs and lending volumes markedly picked up from 2010. This year the tome has been set early on by a new entrant to the market, Evolution Money, and their new product with no LTV restrictions - yes, that's right; as long as you are a homeowner, they will consider you for a loan. Among the clients that will be considered are those:
- with restricted or zero equity
- with historic mortgage arrears that are maintaining FULL contractual payments
- with historically bad or poor credit
- who are in a Debt Management plan for 12+ months
- in the Armed Forces
- who are self-emplyed (audited accounts or 6 months' of personal & business bank statements are required)
There are some basic criteria that must be met though. The applicant must:
- be aged 21-65
- be a homeowner
- live in England, Wales or Northern Ireland (Scotland will hopefully soon be added but not available just yet - call us to check)
- be employed 16+ hrs/week and earn min £1,000 net p/month
- have their salary paid directly into their bank account by BACS (working tax credit, pension, disability living allowance, incapacity and child benefit also accepted)
And those that will not be accepted are:
- clients declared bankrupt or in an IVA
- clients living in Scotland or Eire
- contract or agency workers paid by cash or cheque
- unemployed
- retired
- those who do not reside at the address where the loan will be secured
Rates vary depending on circumstances but do contact us for further details. Speaking to Tina Edwards of Evolution Money she said the focus was to assist people who have had some credit problems in the past but who do now meet the affordability criteria for such a loan and are attempting to repair their credit record. This product will certainly bring many Borrowers in from the cold and already in January it is proving to be quite popular. In addition, Evolution have also launched a Guarantor Loan product with amounts up to £5,000 available to non-Home Owners who can provide a home owning Guarantor. We are an agent for Evolution Money and can offer these loans to our clients. Please call on 0845 126 0350 for more details.
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