Launching a mortgage product that will allow for a pending repossession is not a new development for the mortgage broker market. However, what is significant about this product is the fact that you are able to borrow up to 85% loan to valuation (LTV).
Enable Finance, Nottingham (PRWEB) March 8, 2007
Enable Finance, the UK mortgage and loan broker, has confirmed the launch of a new mortgage product designed specifically to stop house repossession from an existing mortgage or secured loan lender.
The new mortgage and re-mortgage product will allow for borrowers with high levels of mortgage arrears, a pending repossession or eviction notice. The mortgage product will fund up to a level of 85% of the property valuation and will allow for an unlimited amount of county court judgment (CCJ) and mortgage arrears. We are also able to allow for a remortgage within an IVA should the applicant have an individual insolvency arrangement on this product.
Phillip Evans, Managing Director at Enable Finance explains the rationale for this product: "Enable Finance is a customer focussed business specialising in helping borrowers with a bad credit rating and it is our intention to remain focussed on serving their needs and delivering market leading products to help them achieve their true potential.
"We recognise that with the past interest rate rises, spiralling unsecured debt levels and rising property values a more pragmatic product was required to tackle the threat of repossession. It also must be made clear that this product must put the mortgage borrower back into a tale financial situation upon completion.
"Launching a mortgage product that will allow for a pending repossession is not a new development for the mortgage broker market. However, what is significant about this product is the fact that you are able to borrow up to 85% loan to valuation (LTV). "
Customers requiring further information about Enable Finance's products and services can visit its website http://www.enablefinance.com or phone 0800 316 1612 where a qualified advisor can provide a remortgage quote
Phillip Evans - Managing Director
DDI: 01623 812 902
Notes to editors - Enable Finance
Enable Finance Loans & Mortgages was founded in 1997 as B & E Consulting. In June 2002, in line with our rapid expansion and a need for a clear brand identity, we became Enable Finance. Enable Finance caters for borrowers whose profiles fall outside mainstream lending criteria - for example; bad credit; self certification; irregular income; Right to Buy; and Buy to Let.
Enable Finance is authorised and regulated by the Financial Services Authority (FSA). It is a member of the Finance Industry Standards Association (FISA) and the National Association of Commercial Finance Brokers (NACFB).
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Adding existing debt to your mortgage will increase both the repayment term and the overall cost. The overall cost for comparison is 8.65% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There will be a fee for arranging mortgages, normally 2% of the advance, minimum of £1,950 and a maximum of £3000 (i.e. £100,000 loan = £2,000 fee). All cases will be assessed on an individual basis