Specialist lender Aldermore is to expand its lending criteria to include those with recent county court judgements (CCJs), defaults of mortgage or secured loan arrears.
It will introduce two new tiers of products to support customers with these and other credit issues such as bankruptcy or possession.
Aldermore will now consider borrowers with CCJs or defaults registered over six months ago; bankruptcy or Individual Voluntary Arrangement (IVA) discharged for two years; mortgage or secured loan arrears over three months ago; and forced or voluntary possessions older than three years.
The deals are available up to 80% loan to value (LTV) and come with a £999 product fee.
Standard Mortgage Range Level 2, at up to 80% LTV includes: two-year fixed rate from 3.98%; three-year fixed rate from 4.08%; and five-year fixed rate from 4.18%.
Standard Mortgage Range Level 3, at up to 75% LTV includes: two-year fixed rate from 4.48%, three-year fixed rate from 4.58%, and five-year fixed rate from 4.68%.
Aldermore commercial director, mortgages Charles McDowell, said the lender wanted to support those people with small credit issues.
“We understand that people’s situations can be complex but we are passionate about supporting the nation’s homeowners.
“We have worked closely with our intermediary partners to design a process that makes the journey of using our tiered products as simple and straightforward as possible for both broker and borrower,” he added.
Meanwhile NatWest is launching a new high value remortgage range for new and existing customers who have a mortgage over £500,000, offering cheaper rates than the equivalent lower value mortgages.
The 12 products will be priced according to loan balance and LTV, rather than LTV alone, which NatWest says is “the first step towards offering tailored customer pricing”.
From today [Monday], the lender is relaunching 12 products from its existing range at the same rate, with a different product code and maximum lend of £499,999, and 12 new high value rates for loan sizes of £500,000 and above with a lower rate.
High value rates include two-year fixes from 1.65% at 60% LTV and 1.79% up to 75% LTV.
Five-year fixed rates start from 2.14% at 60% LTV, rising to 2.43% at 75% LTV.
Mortgages with a maximum loan size of £499,999 start at 1.90% fixed for two years and 2.44% fixed for five years.
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23rd April 2018