UCB enters adverse market

UCB Home Loans is expanding into the adverse market from March 22.

The lender, which currently specialises in self-cert and buy-to-let mortgages, has for some time been considering other niche markets in order to increase its market share and widen opportunities to grow the business.

It will be offering a range of self-cert adverse loans up to 85% LTV and status adverse loans up to 90% LTV.

The three adverse product categories available include self-cert and extra light adverse with up to 1000 in County Court judgments or defaults and up to one month’s mortgage or rent arrears.

There is also a self-cert and very light adverse category with up to 2000 in CCJs or defaults and up to two months’ mortgage or rent arrears.

Finally a self-cert and light adverse category is available, with up to 3000 in CCJs or defaults and up to three months’ mortgage or rent arrears.

For all of the products the arrears cannot have been within the last three months.

Each category has a choice of two and three year fixed and tracker products, with rates based on the customer’s LTV.

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, iSite, which we launched last month.

“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.