It's also enhanced its lending criteria
First and second charge lender Central Trust has expanded its residential mortgage range with four new plans, while also enhancing its lending criteria.
The lender increased its maximum net loan size to £250,000 for Plan 1, capped at 65% loan-to-value (LTV), and to £150,000 for Plan 2 at 75% LTV.
Plan 1 has a higher minimum loan of £20,000, while plans 1 and 2 both have an internal navigation score and a higher minimum income. Plan 4 is capped at 70% LTV, allows four units of adverse in the last 12 months, and also available on first charge unencumbered. All plans are available across England, Wales, Scotland and Northern Ireland.
Central Trust has also reduced the minimum time an applicant needs to have been employed to three months.
“At Central Trust, we are continually evaluating our proposition, in order to meet the requirements of borrowers,” said Maeve Ward, commercial operations director at Central Trust.
“The changes announced today ensure that we continue to help the underserved, as well as those that need to repair and rebuild, and those who have been victim of circumstance and require a second chance.”
Ward (pictured) added: “We will continue to challenge and evolve our product proposition throughout 2023, never resting on our laurels, to ensure our offering is as competitive as possible.”
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