Since the initial collapse of the US sub-prime mortgage Market in July 2007 and the subsequent Global “Credit Crunch”, (including the collapse of Lehman Brothers in Sept 2008) there is still a restriction of availability of funds, especially to credit impaired clients.
This has led to lenders “tightening” their lending policies, reducing their maximum LTVs and the abolishment of Self-Cert lending.
However, there are small number of lenders that offer alternatives to the typical “High Street” mortgage deal and Brightstar are very pleased to offer the following criteria via our select panel of lending partners:
- Sensible lending decisions based on an affordability model, not traditional income multiples
- Decision made on the customer not the credit score
- Full status lending to self-employed with 12-month verified accounts
- Can consider all bonus, overtime and other declarable income
- Deals individually ‘priced for risk’
- Defaults up to £5,000
- CCJs (both satisfied and unsatisfied) up to £2,500
- Only defaults and CCJs recorded in the last 24 months are considered when assessing a case
- 1 Month’s secured arrears in the last 12 months with up to 3 instances in the last 36 months (mortgage must be up to date at time of application).
- Unsecured Credit Arrears – ignored if over 6 months old
- Bankruptcy / IVA – must be satisfied over 3 years ago
- Mainland England, Scotland and Wales
- No New Build Flats
- Standard construction only
Want a lender with a genuine appetite to lend AND that prices for risk?
To discuss a New Business Enquiry, please call us on 01277 725166
WITH THE EXCEPTION OF SECURED LOANS – THIS WEBSITE AND IT’S CONTENT IS FOR THE USE OF UK MORTGAGE INTERMEDIARIES AND PROFESSIONAL FINANCIAL ADVISORS ONLY. IT IS NOT INTENDED FOR THE GENERAL PUBLIC.