Chorley Building Society has added new Credit Renew mortgage products and updated its lending criteria in line with broker feedback.
The society increased the loan-to-value (LTV) on both its Credit Renew 1 and Credit Renew 2 products.
Credit Renew 1’s 2-year discount is now available at 90% LTV and Credit Renew 2’s 2-year discount is now available at 75% (increased from 70%).
60% LTV options are also available on both products.
Stuart Bryce, head of business development, 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.”
In addition, defaults up to £1,000 can now be accepted on standard lending – subject to still being registered more than six months ago and no more than two in last two years.
If a client has a default, they are now able to settle this with the loan, subject maximum LTV.
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.”
