Blemain Finance has introduced new plans, interest rates, LTVs and improved services.
It has increased LTVs on a number of plans, with Prime up to 77.5%; Light up to 75% and Medium up to 70%.
The lender has also reduced rate on Prime plans, which now start from 10.29%.
Meanwhile, two new services have been launched. Firstly, Electronic Identification – (EID) has been unveiled. The lender says EID will in most instances fulfil Know Your Customer (KYC) requirements. If the EID returns a ‘pass’ decision the broker can progress the case without having to obtain all of the KYC documentation. This, it claims, will reduce the amount of documents required and improve turnaround times.
Secondly, Blemain Finance has introduced a mortgage reference and redemption figure bypass scheme. Redemption figures and mortgage references are no longer required on the standard residential Blemain Finance second charge plans in most cases. Loans up to £30,000 and 77.5% LTV and loans up to £50,000 and 75% LTV are accepted without a redemption figure or mortgage reference.
Gary Bailey (pictured), sales and marketing director at Blemain Finance, said: “Blemain Finance has been lending in the specialist lending sector for almost 40 years and we have worked to constantly develop new products and services that respond to broker’s needs and market conditions. These enhancements should help to increase broker business volumes, improve overall turnaround times, save costs and in turn help to grow the market.
“In addition to these enhancements, we have a number of other improvements planned for 2013, so watch this space.”