Darren Cook, head of mortgages at Moneyfacts.co.uk, commented “The six pages that make up the non-conforming mortgage finder will provide invaluable time-saving benefits to advisers when trying to locate a suitable mortgage for their clients.
“With over 8,500 non-conforming products available, we have made it easier to select products by using the status of the client as the starting point for selection, rather than the interest rate.
“The first two pages of the revamped section provide an index that will show at a glance which lenders will lend for CCJs, arrears, Individual Voluntary Arrangements (IVAs) and bankrupts, with details of their adverse criteria limits in each case.
“The non-conforming mortgage industry has created a vast range of descriptions for the different levels of non-conforming lending. To make matters simpler, Moneyfacts now leads the way by listing a selection of the best products by true cost in the following four categories:
- Light non-conforming – 2 CCJS max £3,000 in total
- Medium non-conforming – 3 CCJS max £5,000 in total
- Heavy non-conforming – 4 CCJS max £10,000 in total
- Extra heavy non-conforming – Unlimited CCJS over £10,000
- Full status fixed rates
- Full status variable rates
- Self – cert fixed rates
- Self –cert variable rates.”
