Re-Financing
The Parameters of the product are:-
When can we look at re-finance?
- End of Term balloon re-finance
- Mid-term subject to validating the benefit to the customer
- When the customer exercises their Right to Withdraw and choose an alternative lender
What type of agreements can we re-finance?
- Hire Purchase
- Lease Purchase
- Personal Contract Purchase
- Contract Hire - end of term and subject to obtaining confirmation that title will pass in full from the contract hire company
What products can we offer on a re-finance agreement?
- Hire Purchase
- Lease Purchase
What assets can we re-finance?
- Cars
- Touring Caravans*
- Motorhomes*
Which customers can take re-finance?
- Private Individuals
- Sole Traders
- Partnerships
- Limited Companies
- Transfer cases - from Limited Company to Director and visa versa plus family member transfers as long as both resident at the same address
What are the basic criteria?
- Up to 100% of Loan to Value for homeowners and 90% for tenants
- Mid-term applications will require a copy of the original finance document for the underwriters
- Only require copy of the original lenders settlement letter as dealer invoice
- Re-finance addendum document confirming current mileage is the only additional page with document pack
- Documents can be signed via flexi-sign
- Quote and propose on-line using drop down box to identify as re-finance
- No deposit required, advance to show as settlement amount
