Rates start at 8.95%, up to a maximum loan of £130,000 (with more available on referral). Other features include: adverse credit being ignored over two years; maximum age increased to 80; BTL borrowers no longer need to be homeowners; ex-local authority flats now up to 70%; and sole married applicants are now acceptable on BTL.
Paul Brett, Sales Director at MSL said:
"With rates now starting at 8.95%, we are more competitive than, or comparable with, our competitors in the non-credit score prime and near prime sectors of the market. With this being an area of the market, which will also include a growing number of cases caused by the overreaction of some remortgage lenders to the MMR, I expect this sector to expand in the coming months.
"Being able to deal with mandated underwriters who can and will make decisions and knowing they will apply common sense to their decisions has always been a hallmark of the MSL experience. Along with our criteria and pricing changes, brokers now have a great combination to bring clients."
