The lender also offers loans for commercial and BTL products
Roma Finance has lifted the level of its loan-to-value lending to 75 per cent, as the mortgage industry bids to normalise its services amid the pandemic.
The Manchester-based specialist lender says it will consider loans at this rate on residential bridging finance, adding the move is “a five per cent increase on previous products and back to pre-Covid levels”.
The business adds it has streamlined its practices and is working with selected packagers to allow them to instruct their own valuations, speeding up completions. Previously Roma Finance had worked alone on this part of the process.
Roma Finance commercial director Nick Jones says: In 2021, it is essential we continue to make advances with products, processes and technology to maintain the speed intermediaries and customers need for their property investments. These enhancements will allow more customers to access short term finance and enable even faster case processing and completions.
The specialist lender also offers loans for conversions, commercial and quick completions, as well as development and buy-to-let products.
Earlier this month, Legal and General Mortgage Club said it added Roma Finance to its panel.
The club’s members are now able to register with Roma Finance and access its full range of bridging, development, buy-to-let, HMO and holiday-let products.
Also, data released in January show that mortgage approvals hit their highest level in 13 years soaring to £5.7bn in November, driven by the government’s stamp duty holiday and buyers deciding to commit to moving house despite the health crisis.
Bank of England figures say that the number of mortgages approved by banks and building societies for home purchases had leapt to 105,000 in November – the highest figure since August 2007. During the first lockdown, mortgage borrowing plunged to £200m last April with just 15,800 approvals.