The plans aim to deliver more lending opportunities, improve conversation rates and increase the number of completions. In addition, the new offering will reduce brokers processing time and the overall costs for brokers.
The changesinclude streamlining the criteria matrix to simplify product selection, increased LTVs, reduced interest rates on standard plans so maximising opportunities to place more cases. These enhancements apply to all income types, including self-employed.
Blemain Finance has also launched a new product that offers a larger loan amount between £100k and £500k, and a specialised Auction Purchase bridging product with pre-approval option and no valuation requirement, to provide more choice and greater opportunities.
Gary Bailey, director at Blemain Finance, said: “The plans reflect our position in the market as the only non-mainstream lender covering the whole spectrum of lending options from residential, semi-commercial and buy-to-let, to loans, mortgages and bridging finance for creditworthy customers and those with low to high demerits. We also consider many property types and most income sources, which provides more flexibility for brokers.
“Blemain Finance has responded to the changing lending landscape and feedback from brokers and customers. Our aim is to expand the qualifying customer demographic profile to enable the industry’s growth. This should improve additional income potential for brokers. We are committed to supporting brokers in doing business and we will continue to develop our products to complement their clients’ needs.”