CTL has enjoyed a growth in lending volumes of 199% during the first half of 2012, compared to the same period in 2011, all after only first launching to the wider broker market in 2010.
Reflecting CTL’s commitment to aiding growth in the wider Secured Loan market, and continuing to increase the profile of secured loans as a very real and viable alternative to standard remortgages, they are pleased to today announce the following major criteria improvements:
- Introduction of electronic ID verification – no need to supply awkward paper ID documents
- Removal of 1st charge redemption statements up to 70% LTV – quicker to submit applications
- Minimum age reduced to 18 – for both primary and secondary applicants
- Unlimited self-employed income used – Only accountant's Certification required
- Copy entitlement documents now accepted for all benefits – no need for awkward originals
- Concrete property construction now acceptable up to 75% – normally difficult to place
Buster Tolfree, Lending Operations Manager at CTL said:
“We have worked really hard over the last 2 years to engage with our Introducers and to listen to their wants and needs in order to launch improvements to both our Lending Policy and Underwriting Process.
It is this type of engagement which has allowed us to make such large bounds forwards in our market share over such a short period. The secured loan market is in an upward growth cycle, and CTL plans to be an integral part of the community of lenders and Introducers who will continue to push things forward over the months to come”.
Nicola Mooney, Senior Sales and Processing Manager at Moneio commented:
“The product enhancements are all exceptionally positive, especially the introduction of EID. Anything that can reduce the time it takes for a customer to receive their funds is a great selling point. It’s nice to see lenders making improvements to their criteria; it shows the appetite for lending is growing and will continue to improve the state of the secured market.”
Paul Stringer, Director at Norton Finance and Mortgages commented:
“It's great to see Central Trust making the process of packaging a loan easier for the broker by reducing requirements and simplifying the process. Changes such as these benefit customers by speeding up the process with fewer documentation demands before completion. These changes together with the improvements in criteria should help improve conversions further resulting in a better & speedier outcome for the customer.”
Jamie Milan, Director at Willows Finance commented:
“With these changes Central Trust continues to show the desire they have to increase volumes in the secured loan arena. Positive lender changes are always good news and we know that Central Trust not only focus on the criteria enhancements but on the process side they are always looking to simplify the application process through to completion, a major plus for clients and packagers. Central Trust have already, in a short time established themselves as a market leader”.
