“This is a real coup for V Loans”, said development director Dave Pinnington. “The new product fills a critical gap in the market, particularly for those clients who have been hamstrung in the recent past with debt management plans, IVAs or bankruptcy.
“The market is beginning to come alive and with a new funder this has got to be an early Christmas present for the industry, hard pressed intermediaries and their clients.”
Key features include:
• Maximum loan £15,000
• Up to 12 demerit points
• Self employed self cert with good backup
• All defaults ignored
• Debt Management plans and IVA plans acceptable
• Discharged bankrupts acceptable
• Mortgage arrears in the last 3 months acceptable
• Term 10-25yrs
• Properties in England only / Wales on referral
• Benefits and maintenance allowable but must be proved via awards letter or bank statements
• Redemption = 1 months notice + 1 month interest on redemption
• Deals can be submitted today as product now available
