The range is designed to help investors move quickly when homes have to be sold because of financial problems, and has an emphasis on underwriting rather than credit scoring.
The range is broken into four areas; Prime 75 allows for 75 per cent rental coverage for up to five properties with rates from 6.14 per cent, while Prime 100 allows for 100 per cent rental coverage for up to 20 properties with rates from 6.04 per cent. The Near-Prime range allows up to £2 million of borrowing for people with two discharged Individual Voluntary Arrangements, with rates from 6.75 per cent and the Light range allows up to £500,000 of borrowing for people with CCJs of £2,000, and has a rate from 7.19 per cent.
Ian Nelson, chief executive of Unity Homeloans, said: “The current jitters in the market are creating buying opportunities for professional investors. Our prime range reflects the fact that rental income may be sacrificed if a buyer is able to get a competitive price, for example, due to a distress purchase.
Because we individually underwrite each case we make sure every applicant passes not only regulatory hurdles but our own stringent lending criteria.”
Dale Jannels, sales and marketing director at AToM, said: “Unity continues to introduce innovative products. This range is very good, which may mean supply is limited. Speed may be of the essence.”
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