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New sub-prime lender to launch

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01/05/2013
A new lender offering mortgages for borrowers with adverse credit is expected to enter the market within the next few weeks, according to an industry insider.
New sub-prime lender to launch

Tony Salentino, director of Complete Financial Services,  told an audience at the London Buy to Let Forum yesterday that the new lender would accept applications from borrowers who had had County Court Judgments (CCJs) on their credit records one year after the debt is discharged.

He said: “We do have a brand new lender coming to market within the next few weeks which has been approved by the Financial Services Authority, now the FCA, specifically as an adverse (‘sub prime’ or ‘bad credit’) lender. They can’t do ‘clean’ business.

“They have come to six distributors in the UK, including us, and that is the only way you will get access to them.”

The packager and distributor head also outlined current criteria in the buy-to-let market, where the typical ‘vanilla’ borrower had a minimum income of £25,000 and lenders were increasingly open to larger landlords.

Lenders are increasingly taking “the more the merrier” attitude to landlords with large portfolios, Salentino said.

He added: “When not so long ago a whole amalgamation of lenders said ‘three properties max’ across all of the brands, it is great to hear the converse.”

Deals for limited companies are becoming more common, along with houses of multiple occupation and student accommodation, he said.

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