Step One Finance enhances criteria and introduces zero ERC lending

Step One Finance has announced a series of product and policy enhancements, designed to give borrowers greater flexibility and to support advisers with faster, smoother outcomes.

All Step One Finance plans will now feature zero fixed early repayment charges, with just 28 days’ notice required to redeem. This gives borrowers greater freedom to repay or refinance, while offering advisers increased confidence when recommending solutions.

To support the removal of fixed early repayment charges, Step One has also enhanced its lending criteria. Residential AVMs are now available up to 95% LTV (previously 85%), while buy-to-let AVMs have increased from 75% to to 90% LTV. Rental coverage has been simplified, and greater flexibility has been introduced for married sole applicants, CIS workers, and self-employed borrowers.

Alongside these product enhancements, Step One has also promoted Kerry Vince to head of underwriting. 

Neil Molyneux, director of sales at Step One Finance, said: “These enhancements reflect exactly what our broker partners have been asking for. Removing fixed early redemption charges gives borrowers genuine flexibility and allows advisers to recommend our products with even greater confidence."

Michael Childress, CEO of Step One Finance, added: “This is an important step in the continued evolution of our proposition. Alongside the product and policy enhancements, strengthening our underwriting leadership ensures we remain focused on quality, consistency, and service as we grow.”