Some of the improvements include:
• Increased LTVs on a number of plans – prime up to 77.5%; light up to 75%; and medium up to 70%.
• Reduced rate on prime plans, now from 10.29%.
• New plans introduced to help brokers complete more business, particularly in the prime, light and medium market sectors.
As well as this two new services have been launched - electronic identification (EID) and a mortgage reference and redemption figure bypass scheme.
EID will in most instances fulfil the ‘know your customer’ requirements. If the EID returns a ‘pass’ decision advisers can progress the case without having to obtain all of the KYC documentation. This will reduce the amount of documents required and improve turnaround times.
The new bypass scheme means that in most cases redemption figures and mortgage references are no longer required on the standard residential Blemain Finance second charge plans. Loans up to £30,000 and 77.5% LTV and loans up to £50,000 and 75% LTV are accepted without a redemption figure or mortgage reference.
Gary Bailey, sales & marketing director at Blemain Finance said: “Blemain Finance has been lending in the specialist lending sector for almost 40 years and we have worked to constantly develop new products and services that respond to broker’s needs and market conditions.
“These enhancements should help to increase broker business volumes, improve overall turnaround times, save costs and in turn help to grow the market.
“In addition to these enhancements; we have a number of other improvements planned for 2013, so watch this space.”
