Collingwood is SMS' branded lending partnership with Kensington Mortgages.
Collingwood will now lend up to 4.25 + 1 up to 80% loan-to-value (LTV) or 3.5 joint income up to 85% LTV on Near Prime and Near Prime Max products in the Extra Choices range, available for borrowers with up to £1,000 of CCJs (cleared or not), or one secured loan or rent arrears in the last 12 months.
Up to 90% LTV 3.3 times joint income is available on Minor and Very Light products in the Simple Choices range, available for borrowers with up to £1,000 of CCJs (cleared or not), or one secured loan or rent arrears in the last 12 months.
Ian Balfour, sales and marketing director at SMS, commented: “In order to meet demand from our introducers for higher income multiples without putting people at risk, income multiples have been increased and are now tiered to take into account the risk elements and therefore change according to the LTV and adversity categories.”
Ian Giles, director of marketing at Kensington Mortgages, said: “Feedback from our intermediaries tells us that continuing house price inflation has created a real demand for increased income multiples, and so Kensington is meeting that demand. By introducing a tiered approach to risk we are allowing those people who can afford to do so to borrow more, and helping more people to buy their own homes.”
