With its determination to double lending in 2014, Blemain Finance aims to keep its products up to date to meet the fast-moving demand from its broker partners and their customers.
The changes have been brought in as a direct response to feedback from Blemain Finance’s broker partners, who identified areas where they thought mutual business volumes could be boosted by meeting specific customer needs.
Blemain Finance has already enhanced its product range twice in the past three months to demonstrate they are in a strong position to support and react to the market’s growth demands.
One of Blemain Finance’s unique selling points is that it does not qualify customers by using an auto-credit score system, but instead applies a simple individual approach based on a demerit points system. A significant enhancement across Blemain Finance’s product range is that only the customer’s last 12 months credit record is assessed to determine the cheapest rate and highest Loan to Value they can qualify for, unlike other lenders who take into account the last two or three years’ credit history.
Blemain Finance launched its lowest ever interest rate three months ago, this has now been surpassed with a new lowest ever rate of 9.45% as part of its enhanced criteria changes released on February 5. Other plans have also seen a reduction in rate of up to 0.59%.
Loan to values have been increased for certain property types, such as bungalows, ex-council houses, flats and maisonettes – all positive moves for customers whose property type may have restricted their borrowing potential.
This will open the door for many more customers to get increasingly competitive rates on secured loans for debt consolidation, home improvements, business loans, buy-to-let and semi-commercial loans, as well as improving conversion rates for the broker.
Valuation by-pass schemes have been enhanced so that fewer cases will require a full valuation, saving costs, improving processing time and conversions rates for brokers, as well as some considerable cost savings.
These changes are part of Blemain Finance’s on-going strategy for continuous product improvement and further announcements are expected throughout the year.
Gary Bailey, Sales Director, Blemain Group, said:
“Our passion is to grow together with our broker partners. We always look to respond to the customers, brokers and market needs in our product development strategy. We have a strong appetite to continue increasing our lending volumes and we can only achieve this by working closely with our broker partners.
“Blemain Finance’s award winning product range is the result our strong pedigree of continual innovation and we hope to be announcing further changes later this year.”