Affirmative - Covid-19 Criteria
26 March 2020
The current Coronavirus epidemic has naturally had a marked effect on our industry. At Affirmative we, like most of you, have made changes to our working practices.
Affirmative is still seeking to lend and we are accepting new business. However until the full scale of what is facing the country (and the world for that matter) is even capable of being understood and appreciated, we are taking steps to protect the business and ensure that we can, if we are prepared to lend, deliver real, responsible solutions and offers which we can “hand on heart” agree to fund assuming that all other aspects of the underwriting process, including both valuation and legal, are satisfactorily completed.
To that end we confirm that we will seek to carry on business as follows :-
- Priority will be given to our existing customers and financial intermediaries to ensure that their needs and requirements are dealt with first if at all possible;
- Priority will be given to tried and tested past and existing customers and financial intermediaries in connection with new applications since naturally they have a track record with us which allows us to assess such applications more easily;
- Until further notice we will lend on the following criteria :-
First Charge lending :
maximum amount per application of no more than £500,000
maximum LTV – 60%
Second Charge lending :
maximum amount per application of no more than £75,000
maximum LTV (including our loan) – 50%
IN ALL CASES
- No applications with arrears or adverse will be considered
- No applications to “re-bridge” or for pure consolidation will be considered
- Valuations and legal services for both lender and separately for the applicants will be required and this will prove challenging to organize but we shall persist to achieve
- Execution of documentation (including application and security documentation) can be organized via video link or similar methods and/or undertakings provided by solicitors to deliver documentation will be organized
Any questions or queries can be raised via our email address newbusiness@affirmative.co.uk or by ringing our underwriting team on telephone number 0161 828 8400
