Chorley Building Society has introduced two new large loan mortgage products in response to feedback from brokers requesting more flexible lending options for clients seeking higher borrowing amounts.
The new products allow borrowers to overpay up to 20% of the capital balance per year without incurring an early repayment charge.
One of the products has been specifically designed for later life lending, available to applicants aged 75 or older at application or at the end of the mortgage term.
Shane Dye (pictured), senior business development manager at Chorley Building Society, said: “We’re really pleased to launch products aimed at those who need larger loans.
“We know that sometimes borrowers are looking for flexibility and being able to make overpayments of 20% of the capital balance per annum, without invoking an early repayment charge, is something that our brokers have told us that their clients are looking for.”
The new offerings include a 2-year discount mortgage at 4.59% for loans up to 50% LTV, and a later life version at 4.99% for the same LTV band.
Chorley Building Society has also maintained a strong performance in intermediary feedback surveys, recently receiving a five-star rating in the Mortgage Lender Benchmark Survey for the eighth consecutive time.
Liz Pearson, head of operations, said: “Providing our brokers with exceptional service is so important to us. We are delighted to receive such positive feedback and honoured to be given five stars, eight times in a row.”
