Halifax specialist lending arm Birmingham Midshires is set for a
£500,000 brand overhaul before its launch into the sub-prime market
Supported by an intensive press advertising and direct marketing campaign,
Midshires is revamping its image to publicise its entry into sub-prime
lending following a successful trial in July.
It is running a whistlestop 21-venue roadshow throughout September to
demonstrate to mortgage brokers why it believes its new range will trump
that of sub-prime veterans Kensington, igroup, GMAC and First National.
It is also set to make more aggressive strides into the self-certification
market by making key changes to its existing range. It will now allow
first-time buyers to apply for loans, will no longer insist on a full
breakdown of income or its source and has abandoned measures requiring
employers to verify a borrower's position.
It is also enhancing its buy-to-let mortgage to allow landlords to borrow
an amount based entirely on projected rental income covering 125 per cent
of monthly repayment. Each applicant can now purchase up to 10 properties.
Brokers will have access to the loans from September 17.
Head of borrowing products Steve Sandiford says: “This is a milestone in
the development of Midshires. The initial campaign will focus on building