Step One Finance has announced improvements designed to streamline the second charge application process for a Step One loan.
These changes follow recent price reductions and the release of higher LTV products for both residential and buy-to-let properties.
Offers on Step One second charge loans can be now issued pending consent from most major first charge mortgage lenders. Applications can also be completed prior to consent being received subject to additional criteria.
Martin Porter, Step One’s head of lending, said: “This significant change will speed up application processing by up to 2 weeks in some cases, reducing waiting times and allowing customers to receive funds quicker when speed and certainty are a priority.”
Additional enhancements have also been made to the firm’s underwriting criteria which is claims will allow a wider range of clients to access a Step One second charge loan.
The new criteria will allow for qualifying applicants who are a citizen of an EU country, or are a Foreign National, who have a valid visa (work, spousal or indefinite leave to remain etc), receive their income in GBP and have a first mortgage from a UK-based lender.
Step One has also simplified documentation requirements for customers with a history of an IVA, CVA and those employed through work agencies, which should improve processing times and reduce the administrative burden for these customers.
