The product, which will be available exclusively via 4 brokers including The Lending Wizard, is the first since the credit crunch to have such a high LTV and indicates that some lenders are starting to relax stringent lending criteria.
Nicola Georgiou, Managing Director at The Lending Wizard, says:
“Brokers and their clients have been feeling the pinch for some time as risk aversion has led to an extremely cautious lending criteria. However, the move by Nemo is significant as it is the first to move significantly on LTV since the credit crunch hit. Hopefully it illustrates that confidence is slowly returning and that secured homeowner lending is starting to head to recovery.”
“While responsible lending is always important there are huge swathes of the market that have not been well served in recent times -albeit for understandable reasons. The hope is that the move by Nemo will herald a brighter 2013 for advisers who are looking to help their clients raise capital using their biggest asset. Ideally other lenders will be in a position to follow suit over the course of the year as a range of product options and wider choice creates a healthier market for all concerned.”
