“Our range offers products suitable for all situations and for all owners of varied experiences, with criteria adapted to owners who do not correspond to many borrower profiles of specialist lenders.”
Upper slicing is now available using excess rental income from the portfolio, with first-time buyers, HMO and DSS tenants accepted. There will also be no credit score or minimum income requirement.
They will also now allow owners to have two units of adverse credit in the last 12 months, ignoring anything over 12 months.
Items that are no longer considered include:
• Missed payments from mail order and communications/telecoms,
• Rehabilitated bankrupts over three years old,
• IVA: must be maintained, updated and settled with a loan,
• Partially missed mortgage payments,
• Exceptional CCJs if less than £300; under £3,000 and satisfied, and all over 12 months old,
• Utility bills are ignored if accounts are two or less overdue, unrelated to the account’s previous conduct.
The lender has also slashed prices, while adding new two- and five-year fixed-rate options to its product lineup.
Mercantile Trust offers first and second charge rental mortgages from £10,000 to £500,000, on property values from £60,000, up to 75% LTV in England, Wales, Scotland and Northern Ireland. North.
Maeve Ward, Director of Business Operations at Mercantile Trust, commented: “The comprehensive changes to our buy-to-let proposal are a signal to the market that we have a real appetite to lend. Our range offers products suitable for all situations and for owners of varied experience, with criteria adapted to owners who do not correspond to many borrower profiles of specialist lenders.
“Our experience enables us to provide lending solutions to traditionally underserved industries and clients and these new enhancements will further expand the types of borrowers we can support by providing more options to our brokers.”