V Loans says it is one of a handful of distributors for Prestige Finance’s new product range, launched today.
The secured loans cater for self-employed applicants and those who have had past credit issues.
For example, those self-employed who earn up to £30,000 net only need to prove a minimum of 50% of income through last two bank statements if they are unable to prove their full income.
It is offering a LTV of up to 60% for loans up to £40,000 with four missed mortgage payments in the last 12.
Also, criteria is the same for applicants with prime or sub-prime mortgages.
CCJs under £5,000 and over 12 months old are ignored for affordability calculation. Up to six months mortgage arrears in the last 12 are allowed up to 55% LTV, if the last two payments made.
1.5% of credit card, store cards or mail order balances will be taken into account.
Marie Grundy, operations director at V Loans, said: “Prestige Finance has been a long time supporter of the broker community but more importantly Prestige is one of the few lenders which has been consistent in its support in the difficult days we have all experienced since the market contracted so severely. The new criteria enhancements are just what the market requires to offer clients a source of funding that has been missing for too long.”””
