Hope Capital has launched a clean credit loan for borrowers with a good or excellent credit record.
The premium range sees the lender make significant rate reductions to its residential offering, where borrowers who fit into the criteria can benefit from either 75% loan to value (LTV) at 0.91% or 70% LTV at 0.89%.
It is a reduction from its current offering of up to 0.05%.
Designed for light works on residential projects with a value up to £750,000, loans must fall under the lender’s automated valuation model (AVM) and desktop valuation criteria, and title insurance is required.
To qualify for Hope Capital’s latest offering, borrowers who are eligible will have a good or excellent credit rating, reside in the UK and have at least one other UK asset.
They will also have no county court judgments (CCJs) in 24 months, no missed mortgage payments in 24 months, no bankruptcy or IVAs and no rolling arrears.
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Borrowers with clean credit
Kim Parker, head of sales at Hope Capital, said: “Following the Bank of England’s recent interest rate cut, we wanted to inject a little more momentum into the market, providing a fantastic opportunity for our borrowers with clean credit to capitalise from very competitive rates complemented with high LTVs.
“Our offering is extremely versatile, providing a host of options across our product range for all types of borrowers and their individual circumstances.
“Having this extremely competitive offering now available, we are confident it will be highly sought after to support the demand for residential investment opportunities.”
Hope Capital’s newest loan follows the news of the lender’s sales team restructuring, with the appointment of David Weir and Sam Lea as national account managers.
