What Near Prime products do we offer?
With our Near Prime products, we can offer purchase mortgages and remortgages, with up to 75% LTV, to a wider range of customers.
These products open up the market to people who are likely to have trouble securing a mortgage from a traditional lender and allow us to support those who have had previous financial difficulties, such as CCJs, defaults, and missed payments.
Who is eligible for our Near Prime products?
For a customer to be eligible for one of our Near Prime products, they must meet the following criteria:
- A maximum of four CCJs will be accepted as long as they were issued over 12 months ago and are either satisfied in full or have a total combined unsatisfied value of £500 or less
- A maximum of four defaults will be accepted, as long as they were issued over 12 months ago, and three or more haven’t occurred in the last 24 months. These defaults must also either be satisfied in full or have a total combined unsatisfied value of £500 or less
- Any defaults from over 36 months ago are not counted as part of the maximum of four, but they cannot have a current value of more than £500 when combined with any other outstanding defaults
- No current missed payment on any item of credit at the time of the decision.
- No missed payment on a loan or credit card in the last 6 months.
- No missed payment on a mortgage in the last 12 months.
- Must not have three or more months arrears on a mortgage product in the last 24 months.
- A maximum of one month of arrears on a loan and a maximum of two months of credit card arrears in the last 12 months.
- No payday loans within the last 12 months.
- Any bankruptcy or IVA must have been discharged 6 or more years ago.
You can find full details on who is suitable for these products in our Near Prime eligibility criteria.
Our latest rates
You’ll find our current rates below. They’re subject to change so be sure to check back to get the most up to date information. If you’d like to secure these rates for a customer, log in to the portal and start an application now.
Near Prime products will offer a maximum of 75% LTV.
If your customer does not meet the criteria for our Prime lending products, our online portal will suggest to you if they meet the criteria for our Near Prime lending. See our lending criteria for details on what we will accept in terms of recent financial difficulties.
Our Near Prime products are designed for customers who are unable to obtain a mainstream mortgage product due to having recent financial difficulties but are on a path to recovery. On the other hand, our Prime mortgages are aimed at those customers with a strong financial record, who would typically be eligible for regular mortgage products from lenders.
Customers are able to apply for additional borrowing when porting to a new property and require additional borrowing for the purchase. Standalone additional borrowing for any other reason, like debt consolidation or home improvements, is not permitted.
No, Near Prime customers are not currently eligible for Consent to Let.
You can get in touch with our BDM team to talk through your specific case. However, if any applicants applying for a mortgage are identified as Near Prime, a Near Prime mortgage will be offered.
A customer who is approaching the end of their Prime fixed rate product would have access to our Prime Product Transfer range, subject to them meeting current criteria. However, if any applicants applying for a mortgage are identified as Near Prime, a Near Prime mortgage will be the only option available.
You use the same easy to apply MSO system as you would normally use for Prime products. Upon filling in your DIP application, our system will identify whether your customer meets our Prime or Near Prime criteria, after which a decision will be displayed and suitable products will be offered.