Step One Finance removes ERCs, expands criteria and strengthens underwriting leadership
With immediate effect, all Step One Finance lending plans will feature zero fixed early repayment charges, with borrowers required to give just 28 days’ notice to redeem.
Step One Finance has announced a series of product, criteria and leadership changes following its New Year review, aimed at improving flexibility for borrowers and supporting advisers with smoother outcomes.
With immediate effect, all Step One Finance lending plans will feature zero fixed early repayment charges, with borrowers required to give just 28 days’ notice to redeem.
The lender said the move is designed to give customers greater freedom to repay or refinance, while giving advisers increased confidence when recommending its products.
To support the removal of fixed early repayment charges, Step One Finance has also enhanced its lending criteria.
Residential automated valuation models (AVMs) are now available up to 95% (loan-to-value) LTV, up from 85%, while buy-to-let AVMs have increased to 90% LTV from 75%.
The lender has also simplified rental coverage requirements and introduced greater flexibility for married sole applicants, CIS workers and self-employed borrowers.
Neil Molyneux, director of sales at Step One Finance, said: “These enhancements reflect exactly what our broker partners have been asking for. Removing fixed early redemption charges gives borrowers genuine flexibility and allows advisers to recommend our products with even greater confidence.”
Alongside the product and criteria changes, Step One Finance has confirmed the promotion of Kerry Vince to head of underwriting.
Vince is well known within the intermediary market and will lead the underwriting function as the lender continues to grow.
Michael Childress, CEO of Step One Finance, said: “This is an important step in the continued evolution of our proposition.
“Alongside the product and policy enhancements, strengthening our underwriting leadership ensures we remain focused on quality, consistency, and service as we grow.”
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