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Hanley Economic Building Society widens sub-prime criteria

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  • 24/04/2018
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Hanley Economic Building Society widens sub-prime criteria
Hanley Economic Building Society has broadened its criteria to borrowers who have an impaired credit history.

 

The lender will now accept applications from people who have been in a debt management plan for more than 12 months without a missed payment.

Borrowers who have missed only one mortgage payment over the last 12 months will also be considered.

The changes follow intermediary feedback, the society said.

The lender launched its ‘near prime’ offering in September 2017 and now offers three products, with rates starting at 3.19% at 50% loan to value (LTV), rising to rising to 5% at 70% LTV.

David Lownds, head of marketing and business development at Hanley Economic Building Society (pictured), said: “Supporting customers who have had a ‘life event’ i.e. redundancy or a relationship breakdown is a very mutual thing to do.

“We believe such people should still have access to a mortgage at a competitive interest rate and that’s why we initially entered the near prime sector.

“Following a successful launch period we have carefully extended this range and engaged with the intermediary community to implement the kinds of criteria changes demanded by their clients.

“Our aim is to become the first alternative for intermediaries within this sector, and we are constantly striving to better support their needs and those of their clients.”

A number of lenders have recently extended their offering to people with a damaged credit history.

Aldermore yesterday revealed it would consider borrowers with CCJs, defaults, arrears and bankruptcies.

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