Beacon adjusts B2L criteria

Beacon Homeloans has adjusted its buy-to-let product range by adjusting its near prime criteria.

Previously borrowers with County Court judgements over £300 were not eligible for Beacon’s near-prime buy-to-let product.

However, this has been amended and applicants with CCJ’s up to £1,000 now qualify.

Along with this criteria change, Beacon has also reduced many of its buy-to-let fixed rates, allowing those with adverse credit to access rates starting at 5.80%.

Clive Willson, head of sales for Beacon, says: “At Beacon we are dedicated to the packager community and listen to their views.

“We work extremely closely with our business partners and, wherever possible, are able to fulfil their requirements in an ever changing market.”

Tony Hughes, managing director of Pavillion Securities, says: “It is extremely important for us to be able to offer viable product options on sub-prime, as well as prime mortgages and I am delighted that Beacon has reviewed its buy-to-let range in light of this.

“Beacon’s flexible approach to criteria and lending is second to none, it is very pleasing for us to have a close business relationship with a lender that has such a positive approach in supporting the packager market.”