The lender will offer a range of self-cert adverse loans up to 85% loan-to-value (LTV) and status adverse loans up to 90% LTV.
The three adverse product categories available are as follows:
• Self-cert and status extra light adverse – up to £1000 in County Court Judgements (CCJs) or defaults and up to 1 month’s mortgage or rent arrears (none registered in last 3 months).
• Self-cert and status very light adverse – up to £2000 in CCJs or defaults and up to 2 month’s mortgage or rent arrears (none registered in last 3 months).
• Self-cert and status light adverse – up to £3000 in CCJs or defaults and up to 3 month’s mortgage or rent arrears (none registered in last 3 months).
Each category has a choice of two- and three-year fixed and tracker products, with rates based on the customers loan-to-value.
Keith Astill, managing director at UCB Home Loans, said: "Over the past few years we've concentrated on improving and enhancing the products and criteria for our existing markets, as well as developing our online proposition. In order to provide our intermediaries with the service and products they have come to expect from us, we are now broadening our offering by increasing the number of markets in which we operate.”
UCB Home Loans said that its expansion into adverse lending fits well with its overall risk strategy. It will not be offering medium and heavy adverse loans to customers who have more serious credit problems.
Astill added: “The combination of rates, fees and lending criteria on the new adverse range are designed to provide intermediaries with even more choice for their clients when looking for products to fit their needs.”
