The range consists of three product categories; extra light adverse – up to £1,000 CCJs or defaults and up to one month’s mortgage or rent arrears; very light adverse – up to £2,000 in CCJs or defaults and up to two months’ mortgage or rent arrears; and light adverse – up to £3,000 in CCJs or defaults and up to three months’ mortgage or rent arrears.
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None of the CCJs or arrears should have been registered in the last three months. Each category has a choice of two and three-year fixed and tracker products, with rates based on the client’s LTV.
Keith Astill, managing director at UCB Home Loans, said: “The combination of rates, fees and criteria on the adverse range is designed to provide brokers with even more choice for their clients when looking for products to fit their needs.”
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Roy New, London based sole broker, welcomed the move. “It’s good to see another lender coming to the adverse market and it sounds like a good offering. Quite a few clients will fit the light adverse category and if UCB can offer good rates, then excellent.”
