Blemain Finance has made changes across a range of its products to lower costs for brokers, improve conversion rates, and allow for quicker lending decisions.

The lender has changed rules around its secured loans and buy-to-let products in response to feedback from brokers. Those property investors that have had no CCJs or defaults in the last two years will no longer be subject to demerit points. Previously all those with adverse credit histories were subject to these. This change will allow brokers to provide cheaper lending to more property investors.

Blemain says that changes to its underwriting process will mean more applications will be able to have a drive-by valuation, improving the speed of lending decisions, and reducing costs for brokers.

The lender has increased the maximum qualifying loan limits for its valuation bypass scheme, where drive-by valuations are not required.

For secured, buy-to-let and semi-commercial loans up to 65% LTV, Blemain Finance has increased the limit to £50,000 from £40,000, and for loans up to 50% LTV the limit is now £75,000 from £50,000.

Blemain Finance has also introduced new plans for its buy-to-let and semi-commercial customers (prime, medium, heavy and light), with reduced rates from 9.90%.

Blemain has increased certain limits with its maximum LTVs now at:

• Purchases up to 75% LTV (Prime and Light), 70% LTV (Medium) and 60% LTV (Heavy)
• Remortgages available up to 70% LTV (Prime and Light), 60% LTV (Medium) and 55% LTV (Heavy)
• Second charges up to 70% LTV (Prime and Light), 60% LTV (Medium) and 55% LTV (Heavy)

Meanwhile, Blemain Finance has also changed the percentages of early repayment charges for these types of loans.

Gary Bailey (pictured), director of Blemain Finance, said: “The changes to our products are in direct response to feedback from the brokers we work with across mainland UK. These changes will allow them to offer customers more options, better rates, and faster lending decisions.

“Blemain Finance has been established for over 35 years and was one of the first specialist lenders in the UK, so we pride ourselves on being able to innovate and update our products to the benefit of brokers and customers.”