Chorley Building Society is making it easier for people with past credit problems to get a mortgage, thanks to updates to its Credit Renew range.
Good news for anyone who’s had a financial hiccup in the past! Chorley Building Society has just made its Credit Renew mortgages even more accessible. These special mortgages are designed to help people who might not qualify for a standard mortgage because of a previous blip on their credit history.
Here’s what’s changed:
- Higher Loan-to-Value (LTV) ratios: This means you could borrow more money against the value of your property.
- The Credit Renew 1 mortgage now offers a 90% LTV on its 2-year discount rate, up from 85%.
- The Credit Renew 2 mortgage now offers a 75% LTV on its 2-year discount rate, up from 70%.
- More forgiving default limits: The society is now willing to overlook defaults of up to £1,000 on its standard lending products, as long as the default is over six months old and you haven’t had more than two defaults in the past two years.
- Option to settle defaults with your loan: You can now potentially clear any outstanding defaults by rolling them into your mortgage, subject to maximum LTV limits.
Why is Chorley Building Society doing this?
Stuart Bryce, Head of Business Development at Chorley, explains: “We know that sometimes things happen in life that can impact your credit score. Our Credit Renew products are here to help those who’ve bounced back from a difficult situation but might not tick all the boxes for a standard mortgage.”
Need expert advice?
Liz Pearson, Head of Lending, adds: “Our underwriting team has a wealth of experience in dealing with Credit Renew cases. They’re always happy to chat with mortgage brokers about any potential cases, so don’t hesitate to get in touch.”
These changes are a welcome boost for anyone who feels locked out of the mortgage market due to past credit issues.