igroup revamps secured loan products

Amanda Jarvis

October 29, 2004

The key improvements include:

– Brand new ‘Xpress’ 0 product for near-prime borrowers.
– Drive-by valuations introduced on ‘Xpress’ 0 – 3 products
– Bureau reports accepted for mortgage history on ‘Xpress’ 0 – 2 products
– Increased maximum loan sizes on ‘Xpress’ 0 – 3 (£80k) and ‘Xpress’ 4 – 6 (£65k) products
– Pricing reduced across ‘Xpress’ 1 – 6 products
– Increased credit assessment flexibility on ‘Xpress’ 1 – 2 products
– Right to Buy LTVs increased
– Increased flexibility in identifying acceptable first charge lenders
– Simplified underwriting criteria across the range

All changes are effective from 1st November 2004.

Sean Webb, chief commercial officer, said: “The Xpress range has performed superbly for us since its introduction. Naturally, we want this to continue as we move into a new regulatory era and face up to the challenges of the marketplace. So we asked our introducers what they wanted. The result is a range of secured loan products that we believe has real appeal. Our brokers have received all the information they need to start writing business on the new plans as soon as they are able to. As ever, they’ll receive full support from us in the field and from our first-class team in-house.”

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