Evolution Money has launched a range of new products aimed at borrowers who have been hit financially by the pandemic.

The second charge lending specialist is offering loans of up to £50,000 at rates starting at 9 per cent, with no consent required.

It adds that recently missed mortgage payments will be accepted on the full range of these loan products with additional householder income considered.

The Manchester-based credit broker says loan-to-value agreements of up to 140 per cent will also be accepted for these products with no previous mortgage history required. Self-employed customers are also eligible for these products.

The business says its new range “offers brokers wider scope to serve clients who have missed mortgage payments during 2020, seen a change in employment status or have had their credit score adversely impacted since their pre-Covid mortgage application”.

Evolution Money operations director Kerri Pender says: “We are pleased to bring this new range of products to the market which we believe are highly relevant for the circumstances in which many borrowers find themselves in during 2021 since the onset of the pandemic last year.”

Pender adds: “We have listened carefully to the marketplace and it is clear that many brokers demand innovative and more flexible lending criteria to assist clients raising finance through a second charge product. We approved more than 5,000 second charge loans last year and we predict we will see an increase in approvals this year.”

Terms relating to the second charge market featured heavily in search terms across the industry, according to search specialist Knowledge Bank in December.

The two most searched for terms in the market were for ‘maximum loan to value’ and ‘child benefit’.

The next highest searched criteria by brokers in the second charge space was ‘defaults – unsatisfied’, which, suggests Knowledge Bank, means that clients with a history of missing payments are looking to take out a second mortgage.