How we help: Complex credit
CASE STUDY
Name: Lisa
Employment: Employed
Resi or BTL: Residential
Purchase / Remo: Remortgage
Amount borrowed: £200,000
LTV: 75%
Product: Vida 6
Lisa needs to raise some cash
The applicant wanted to remortgage her property and capital raise
an additional £25,000 for minor home improvements.
She has a bit of adverse credit
The applicant had some adverse credit, with 4 defaults and 1 CCJ registered 10 months ago. The balances of the defaults were £5,500 and the CCJ was £1,700.
! Good to know
We recently re-tiered our customer credit tiers, making it simpler to find out where your customer sits. We’ll consider defaults and missed payments. We’ll also consider CCJs, with no limit on the monetary value.
Redundancy set Lisa back
Unfortunately, the applicant was made redundant, which had a knock-on effect on her finances, and she was unable to find employment for 6 months.
However, she’s since found employment within the same line of work and has been employed for 6 months. She’s also made payments towards her adverse credit and the balances on these are reducing.
! Good to know
We consider all types of income when assessing affordability, from tips/ TRONC income, to second job income and overtime up to 100%
Providing the full story
The broker provided a full explanation of the situation in the story notes, and evidence of her improving financial situation could be seen.
! Good to know
Brokers love this feature, and so do the V-Hub! On the portal, when you’re keying a case, you can add explanatory notes and background information which helps contextualise the case for our Underwriter.
Have a case to discuss?
Contact the V-Hub, we’ll be happy to help!
Call us: 03300 246 246
Send an email: v-hub@vidahomeloans.co.uk
For intermediary use only. Not intended for retail consumer use.
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