Protein 95% mortgage loan passes 1000 applications

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Mortgage consultancy Squirrel has received over 1,000 applications for the 95% mortgage product Launchpad, which will launch in April.

Monday, August 16, 2021 7:22 AM

The consulting firm and investment firm have so far received more than $ 75 million in bids, which has proven to be a hit with buyers trying to climb the top.

Squirrel boss John Bolton said: “We expect that out of the applications we receive, about 1 in 4 will at some point lead to a mortgage being approved. We can confidently say that there are about 250 people or families who probably would not have been able to buy their own home, which is a fantastic result. “

Launchpad targets borrowers with a strong credit profile who cannot afford a 20% deposit.

It consists of two loans. One is 15% of the property value and is provided by Squirrel’s P2P division at a flat rate of 9.95%. The loan has a maturity of five years.

Another loan is 80% of the property value with lower rates from 2.99% to 3.99%, for a period of 30 years and on terms of only interest rate for the first five years.

After the first five years, the borrowers are left with a 25-year mortgage with a typical principal and interest.

Bolton welcomed the innovative product and said traditional lenders were too tough to respond to the realities of the current market.

“We look at our customers as people, not numbers, and we have ups and downs,” he said.

“We were recently able to help a client who needs cancer treatment. He turned to us for help because his bank did not allow him to remain on a mortgage with only interest payments. With a stable rental income and a ton of equity in his home, we were able to provide him with a 7-year interest-only mortgage, which allowed him to recover his health in the first place. ”

“This is the whole point. We cannot say that we give people mortgages without some compassion. Actions mean more than words. “

Tags: John Bolton Squirrel

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