The changes take immediate effect and include the following:
- Rates reduced on unregulated secured loans (over £25,500) - rates now start at LIBOR plus 4.60 per cent
- Maximum loan-to -value (LTV) on Axis 1 products increased to 90 per cent for self-employed applicants
- For loans with LTVs between 75 per cent - 80 per cent, the maximum advance is increased to £75,000
- New borrower arrears profiling introduced on sub-prime first charges - CAIS (Experian) and Insight (Equifax) data now accepted where a Money Partners' secured loan is to follow a subsisting first mortgage granted by a sub-prime lender
- All application and loan documentation now available for downloading direct from Money Partners' interactive broker web portal, MoneyPort
Adam Henry, Money Partners' sales and marketing director, said: "Secured loans are an important part of our intermediary offering and continue to generate significant volumes of attractive business. The changes we have introduced include the removal of our discount products. This has allowed us to make deep rate reductions for the life of the loan on our unregulated products, and ensures that the growing numbers of borrowers seeking higher value loans at a great price are fully catered for. Overall, our aim is to continue to provide our brokers with a truly flexible set of contemporary lending solutions."
