Victoria expands range

Highlights of the changes include:

• Competitive rates
• Expansion of product range - designed to meet the needs of borrowers by increasing the number of credit bands and introducing AND/OR options for CCJs and Arrears across the range
• Increased proc fees and removal of ‘caps’ on proc fees for both packagers and brokers
• Introduced two-year fixed & discount LIBOR tracker variable products without Early Repayment Charge overhangs.
• Affordability now up to 5x joint income across the entire range
• No income verification for loans at 85 per cent loan-to-value (LTV) or less, and less than £350,000
• Buy-to-let product based on self-certified income increased to 85 per cent LTV
• Buy-to-let products based on rental yield now calculated on 120 per cent of pay rate

Kevin Hillgren, chief executive officer (CEO) at Victoria Mortgages, explained: “These changes highlight our determination to be a major lender in the UK’s non-conforming mortgage market. Firstly, the pricing is highly competitive across all areas of the adverse range and LTV bandings. Secondly, we have listened to the feedback from our packaging partners and their brokers, resulting in changes that will make placing cases with Victoria even simpler, whilst increasing our remuneration to the packager and broker for the hard work that they do.”

Jonathan Haynes, head of packaging at The Mortgage Operation (TMO), commented: “It’s fantastic to see a lender who is listening to the views of its clients. The pricing and the changes to criteria will certainly attract interest from our brokers and provide stiff competition to the existing players in the marketplace.”