Manchester based lending specialist Darwin Loan Solutions, has today announced, all of the companies within the group have received their own full authorisation from the FCA.
Evolution Lending, Evolution Money and Progressive Money are delighted that full authorisation was received in such a short time, and expressed thanks to all their staff and colleagues who worked together in achieving this, along with demonstrating the organisational values that support great consumer outcomes.
The announcement follows the implementation of MCD this week, and recognises that providing a great end-to-end customer journey is paramount across the company’s ethos and respected business approach.
Mat Beaver, Managing Director commented;
“We understand authorisation is just the start of an ongoing expectation and we are committed to the development of all staff within the business in order to support a great culture and achieve regulatory conformance. Therefore a significant percentage of customer facing staff are already on their way to CeMap qualification, well-ahead of the required deadline”.
The group continues to be innovative industry leaders by providing niche secured and unsecured loan products to its customers, further cementing its commitment to continued growth, product delivery and customer satisfaction.
If you would like more information about this topic, Darwin Loan Solution Limited or Evolution Money Limited, please contact Nicola Pilling at 0161 814 8918 or email at [email protected].
First time buyers in some parts of the country will have to save for at least ten years if they are to afford the deposit for a home. Single people and those with young families find it particularly hard, says Shelter, the housing charity.
The high cost of living, static wages and rising house prices mean that childless couples must save for six and a half years in order to accumulate a 20 per cent deposit for their first home in England, and single people, 13 years. Even though wages are generally higher in the south east and in London, so too are rents, which means that it takes first time buyers longer to build sufficient funds for a deposit.
According to new research by Shelter, a couple living in London with a joint income of £53,384 will take 13 and a half years to save for a deposit on a home. Couples living in Windsor, Brighton, Maidenhead, Devon, Surrey and Oxfordshire will also have to save for more than ten years.
Couples with young children face an even longer struggle. Shelter says that when one parent works part-time, it takes 12 years to save enough for a deposit in England. For young families living in London, it would take 26 years. Single Londoners might find themselves saving for 29 years, to be able to afford a 20 per cent deposit.
The research for Shelter was undertaken by Liverpool Economics, which took into account house prices, wages and rents. Shelter’s CEO, Campbell Robb, said that home ownership is no longer affordable for many first time buyers and is now just a fantasy.
Buyers who succeed in raising a deposit of 20 per cent will find it easier to get mortgages at lower rates of interest. However, many mortgage companies do offer mortgages for buyers who can raise only a 5 per cent deposit.
For a typical loan of £30,000.00 over 120 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £598.34.
Including a Product Fee of £2,400.00 (8% of the loan amount) and a Lending Fee of £807.00, the total amount repayable is £71,800.20.
Annual Interest Rates ranging from 11.88% to 29.38% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.
Think carefully before securing debts against your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
