Hinckley & Rugby launches Credit Renew range for borrowers with historic credit issues
Available through Hinckley & Rugby for Intermediaries, the new range sits alongside the society's existing Credit Assist proposition, formerly known as Credit Flex.
Hinckley & Rugby Building Society has launched Credit Renew, a range designed to help brokers support borrowers with historic credit challenges who have since rebuilt their financial position.
Available through Hinckley & Rugby for Intermediaries, the new range sits alongside the society’s existing Credit Assist proposition, formerly known as Credit Flex, creating a two-tier credit offering for borrowers with differing levels of adverse credit history.
Credit Assist is aimed at customers with lighter historic credit issues, while Credit Renew is designed for borrowers with more complex credit histories, including those with county court judgments (CCJs), defaults, debt management plans (DMPs) and missed payments.
The society said every application will continue to be assessed individually by an experienced underwriter, with no automated credit scoring at the decision in principle (DIP) stage.
At launch, Credit Renew includes a 2-year fixed rate at 6.54% up to 75% loan-to-value (LTV) and a 2-year discounted variable rate at 5.94%, equivalent to 0.95% below the Homeowner Variable Rate (HVR), also available up to 75% LTV.
Both products are available for purchase and remortgage, include £250 cashback and carry an £800 completion fee.
Hinckley & Rugby has also expanded its lending criteria under the new range.
Borrowers can now have a satisfied CCJ of up to £2,500 registered within the past 24 months, compared with £500 under Credit Assist, provided no CCJs have been registered within the previous three months.
The lender will also consider debt consolidation cases under Credit Renew, while DMPs no longer need to be satisfied, provided they have been in place for at least 12 months and have been conducted satisfactorily.
Christopher Holmes, senior product and proposition manager at Hinckley & Rugby Building Society, said: “Credit Renew has been created for borrowers who may have faced financial difficulty in the past but are now in a stronger and more stable position.
“Life events such as unemployment, illness or relationship breakdown can affect anyone and may lead to significant, but often temporary, financial challenges.
“Many people work hard to rebuild their financial stability, and we believe they should have access to a considered lending approach that looks at their current circumstances, not just their credit history.
“By combining broader criteria with individual underwriting, Credit Renew gives brokers more flexibility and helps us respond to the real needs of today’s borrowers.”
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