We have also taken this opportunity to make a minor revision to our products and criteria with effect from 1 November 2008. As always, we endeavour to allow our brokers as much time as possible to complete pipeline business and this is no exception as all pipeline is required to be completed by 12 December 2008.
To summarise the changes:
LTV reduced on Label 1: 75% to 70% and 85% to 80%.
Margin increase on Label 1: 90% to 7.50%, Label 2: 80% to 7.25% and 90% to 9.75%.
Reduction to the maximum level of CCJs on Label 2 to £750 Label 3 to £2,000 and Label 4 to £3,000.
Minimum mortgage history with existing mortgage and secured lender is 12 months and 6 months respectively.
Kam Sanghani, Managing Director of White Label Loans said: “The recent announcement by the Bank of England is welcomed news and will support our existing customers in this difficult environment. Our new headline rate of 8.25% is very competitive and should be of interest to those customers seeking additional finance at an affordable rate”.
