Victoria Mortgages has made a series of significant updates and improvements to its product range and lending criteria.
These new developments signal the start of Victorias objective to achieve 2bn in lending by the end of 2007.
Victorias packager only distribution means lower operating costs meaning savings can be passed onto the borrower in the form of competitive rates.
The realigned focus for Victorias product range and service offering coincides with its determination to offer Straight forward, Straight through, Sub prime lending, a strapline that becomes the companys new brand and mission statement.
Highlights of the changes include:
Market leading and highly 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 new 2 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% LTV or less and less than 350k
Buy-to-let product based on self-certified income increased to 85% LTV
Buy-to-let products based on rental yield now calculated on 120% of pay rate
Kevin Hillgren, chief executive officer at Victoria Mortgages, says: These changes highlight our determination to be a major lender in the UKs sub-prime mortgage market. Firstly, the new 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, says: Its fantastic to see a lender who is listening to the views of its clients. The new pricing and the changes to criteria will certainly attract interest from our brokers and provide stiff competition to the existing players in the marketplace.
Amo Ruprai, managing director at MortgageMatch Homeloans, says: Mortgagematch have always had great support from Victoria with an in-house underwriter and first class service. The 24-hour offer guarantee is a big plus with our brokers because they can rely on Victoria to turn around offers fast and the new products offer an innovative slant on the traditional Buy to Let scenario.
Roger Morris, managing director of EM-financial, says: Victoria are a key lender partner for em-, and I am delighted to see the further innovative changes to criteria and rate in their most recent raft of residential products.
“Coupled with Victoria’s commitment to the packaging market, dedicated onsite underwriters, and the em-homeloans offer of free valuation, no application fee across the entire Victoria non-conforming product range, will no doubt provide our clients with further reasons to access em- as a packager, and Victoria as their preferred product provider.