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Central Trust expands secured arrears criteria and accepted income streams

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  • 14/02/2022
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Central Trust expands secured arrears criteria and accepted income streams
First and second charge lender Central Trust has enhanced its criteria to help customers with secured arrears and expanded the income streams accepted.

 

The lender has also bolstered its consumer buy-to-let offering.

Customers who have missed up to four secured arrears in the last 12 months but have been up to date for the last six months will now be considered for lending up to 70 per cent loan to value (LTV).

Central Trust will now also assess contractors’ income using the day rate and 48 weeks.

Contractors will be required to evidence 12 months’ continuous contracting, with the existing contract renewed at least once with two months remaining on the contract. The lender is also happy to accept 50 per cent of non-court order maintenance.

At the same time, Central Trust has introduced a ‘Status 2’ plan to its existing buy-to-let offering for both first and second charges up to 70 per cent LTV.

A ‘Status 2’ plan means the customer can have up to two units of adverse credit in the last 12 months, such as county court judgments, defaults and secured arrears. The lender will ignore anything over 12 months.

Maeve Ward, commercial operations director at Central Trust (pictured), said: “These improvements to our overall lending proposition are the first in a number of enhancements that we will be unveiling over the coming weeks.

“Our new and enhanced status plans, together with positive changes to criteria, show how Central Trust caters for a wide range of borrowers and their diverse requirements.”

Ward added: “In addition, the introduction of the new consumer buy-to-let plan for both first and second charge mortgages expands on our commitment to buy-to-let with further positive enhancements to be announced over the coming weeks.

“Central Trust has a long track record of helping the underserved, as well as those that need to repair and rebuild, and those who have been victim of circumstance and require a second chance. Like many lenders in the specialist market, advisers will find that we are willing to listen to the applicant’s story and apply a common sense approach to lending.”

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