Blemain Finance revamps B2L plans
Gary Bailey, director, Blemain Finance, said: “The changes to our products are in direct response to feedback from the brokers we work with across mainland UK.
“These changes will allow them to offer customers more options, better rates, and faster lending decisions.
“Blemain Finance has been established for over 35 years and was one of the first specialist lenders in the UK, so we pride ourselves on being able to innovate and update our products to the benefit of brokers and customers.”
The changes will see the removal of demerit points for property investors that have had been CCJ and default free for the last two years. Previously all those with adverse credit histories were subject to these.
Changes to Blemain’s underwriting process will mean fewer applications require a drive-by valuation, improving the speed of lending decisions and reducing costs for brokers.
Blemain has also upped the maximum qualifying loan limits for its valuation bypass scheme, where drive-by valuations are not required.
For secured, buy to let and semi-commercial loans up to 65% loan to value, Blemain Finance has increased the limit to £50,000 from £40,000, and for loans up to 50% LTV the limit is now £75,000 from £50,000.
Blemain Finance has also introduced new plans for its buy to let and semi-commercial customers (prime, medium, heavy and light), with reduced rates from 9.90%.