Secured loan lender Nemo is increasing its maximum LTV to 85% from Tuesday.
It will also accept self-employed applicants to 75% and it has lowered the credit score on its 80% LTV product.
Chris Fairfax, managing director of Positive Lending, says: “This is undoubtedly the best news within the secured loans market for the last two years.
“The market has been crying out for a prime self-employed offering with attractive rates and Nemo has delivered. We also welcome the increase in LTV as this will aid us in assisting more customers where a secured loan reflects best advice”.
Chris Meaker, head of business development at Money Debt and Credit, says: “Nemo’s exciting new product range will open up the market to a wider variety of customers and shows the lenders ongoing commitment to the secured loans industry.
“This is the most positive news we have had in recent time and we hope other lenders will follow Nemo’s lead.”
Sam Marshall, joint managing director of Nemo, says: “Following the successful introduction of our 80% LTV plan in November last year and the positive changes that we have experienced in the economic and housing environment over the last few months, I am very pleased to be able to add this product to our range of secured lending plans.
“In addition, we believe that the time is right to introduce a secured loan plan for the self-employed. We have also taken the opportunity to review our lending criteria and as a result of this more customers will now qualify for a Nemo secured loan.
“The broadening of our product range is a statement of intent that Nemo remains committed to the secured loan market.”