Chorley building society have announced that they will be making changes to their products which offer mortgages for low credit scores. Chorely building society currently offers a range of products called the ‘credit renew range’ which are designed specifically for borrowers whose credit score is less than perfect.
In an attempt to help more people, get onto the housing property ladder, the building society are adding more products to the range and decreasing the rates to make them more appealing and beneficial to clients. One of the main changes to the current range is that there are now two loan to value products available in each Credit Renew category
But these products are not just for anyone. Talking about the range, the building society has said “Our range of Credit Renew mortgages are designed for customers who are not credit impaired but have recently experienced a life event they have recovered from which has impacted their credit profile meaning they do not meet our standard lending criteria”.
Each product is still subject to Chorley’s own criteria and the eligibility is dependent on the severity of the credit issues and how historic or recent they are.
Chorely’s new Credit Renew range is as follows:
- Credit Renew 1 at 75% LTV – two-year discount – currently 2.99% (3.00% discount from standard variable rate)
- Credit Renew 1 at 85% LTV – two-year discount – currently 3.69% (2.30% discount from SVR)
- Credit Renew 2 – at 70% LTV – two-year discount – currently 3.49% (2.50% discount from SVR)
- Credit Renew 2 – at 80% LTV – two-year discount – currently 3.99% (2.00% discount from SVR)
Head of business development at Chorley building society Stuart Bryce has commented: “We understand that sometimes a client may experience a life event that impacts their credit file. At Chorley Building Society we offer a range of credit renew products that are available to those who have recovered from this life event but may not meet our standard lending criteria. We have now introduced additional LTV’s to further reflect the differing needs of clients.”
Content and communications manager at Oportfolio mortgages Louis Mason has said: “A lot of people think that credit issues are the end of the road when it comes to getting a mortgage. Yes, if you have something severe like a bankruptcy, IVA, or a repossession, this will stop you from getting a mortgage for a longer period of time. However, things like missed payments, defaults & CCJ’s, although not generally accepted by high-street lenders, can be worked around. By speaking to a specialist advisor like Oportfolio, we can help find you a lender like Chorley who not only offer mortgages for people who have had credit issues, but now offer competitive rates with their new product range. Don’t completely write off the idea of a mortgage, speak to your advisor to see what they might be able to offer.”
If you or someone you know wants to know more about Chorley’s new products or anything else at all, please feel free to give our helpful and friendly mortgage advisors a call today.