Are your clients just missing the mark on mainstream deals?
There are many reasons why your residential clients may still be getting rejected by high-street lenders, although it can often be something as simple as a low credit score. This is a factor encountered by clients from all walks of life with varying degrees of income, and many may not even be aware of it.
Some of the reasons for a low credit score include:
- A client may have simply moved home and forgotten to re-register their new address on the electoral roll
- It could be down to the number of credit searches your client has had within a certain period of time
- A client’s exposure and appetite for credit could have a negative impact on their credit score. Clients who heavily rely on credit cards will have a lower credit score – exceeding 60% of a credit limit affects a score significantly and exceeding 75% of a credit limit will double this negative impact
- Another reason can be associated adverse. If a client still has financial links with an ex-partner – maybe through a joint mortgage or joint bank account – this could affect their credit score
Foundation Home Loans refer to such clients who have failed high-street credit scores for reasons other than adverse credit as Mainstream Misses. They believe that such clients should still have access to highly competitive mortgage deals to match their home ownership aspirations. So, as of today (Thursday 28 February), they have launched four semi-exclusive products to better support your clients who may be just missing the mark on mainstream deals.
Some of the features included within this range are:
- Two-year rates from 2.75%
- Up to 85% LTV
- No minimum income
- Up to 100% of benefits and maintenance
- Interest only option up to 70% LTV
- Up to four applicants and income considered
- Available for both employed and self-employed
- Maximum age of 75 (end of term)
Speak to us today to find out how we can support your Mainstream Misses and how you can help get them back onto, and up, the property ladder. Call us on 0161 694 7900 or drop us a DIP.