Chorley Building Society has updated and increased the number of ‘Credit Renew’ products available after reviewing the range in line with broker feedback.
There are now two loan-to-value (LTV) products available in each Credit Renew category, and the newly uplifted LTV products have also seen an improved discount, lowering the initial interest rate paid.
Credit Renew products are split into category 1 and category 2, which acknowledges the differing stages that customers may be at, in their recovery from life events.
Stuart Bryce (pictured), head of business development at Chorley Building Society, said: “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.”
The range now consists of:
- Credit Renew 1 75% LTV – 2 year discount – Currently 2.99% (3.00% discount from SVR)
- Credit Renew 1 85% LTV – 2 year discount – Currently 3.69% (2.30% Discount from SVR)
- Credit Renew 2 – 70% LTV – 2 year discount – Currently 3.49% (2.50% discount from SVR)
- Credit Renew 2 – 80% LTV – 2 year discount – Currently 3.99% (2.00% discount from SVR)
Head of lending, Liz Pearson, added: “Our underwriting team have a great deal of experience in Credit Renew cases.
“They are very happy to advise brokers on any cases that they may have that may fall into this specialist lending.”
