Evolution seconds range for Covid-hit borrowers allows 140 per cent LTV

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  • 19/01/2021
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Evolution seconds range for Covid-hit borrowers allows 140 per cent LTV
Evolution Money has launched a second charge product range for borrowers who have been severely financially impacted by lockdown measures.

 

The lender said it was addressing a need in the market and would allow customers with missed payments and other recent credit issues to apply.

Recent missed mortgage payments are accepted on the full range with additional householder income considered and self-employed customers accepted.

Loan to values (LTVs) up to 140 per cent are being accepted with no previous mortgage history required.

Rates start at nine per cent with no consent required on loans up to and including £50,000.

Evolution said its range offers brokers wider scope to serve clients who have missed mortgage payments during 2020, seen a change in employment status or have had their credit score adversely impacted since their pre-Covid mortgage application.

According to data from Knowledge Bank, advisers have been increasingly seeking second charge options for borrowers with financial issues such as defaults.

Operations director Kerri Pender (pictured) said: “We are pleased to bring this new range of products to the market which we believe are highly relevant for the circumstances in which many borrowers find themselves in during 2021 since the onset of the pandemic last year.

“We have listened carefully to the marketplace and it is clear that many brokers demand innovative and more flexible lending criteria to assist clients raising finance through a second charge product.

“We approved more than 5,000 second charge loans last year and we predict we will see an increase in approvals this year.”

Pender added that she expects 2021 to be a big year for the second charge lending market and that the lender had further developments planned.

 

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