There are now two loan to value (LTV) products available in each credit renew category, with uplifted LTV products which have an improved discount which lowers the initial interest rate paid.
The lender’s credit renew products are split into category one and category two, which acknowledge the differing stages that customers may be at in their recovery from life events.
There are four main changes. These include credit renew one product at 75 per cent LTV at a two-year discount of 2.99 per cent, a three per cent discount from the mutual’s SVR.
Chorley’s credit renew one at 85 per cent LTV has a two-year discount at 3.69 per cent, a 2.30 per cent discount from the SVR.
The credit renew two product at 70 per cent LTV is on a two-year discount at 3.49 per cent, a 2.50 per cent discount from SVR while credit renew two at 80 per cent LTV is on a two-year discount at 3.99 per cent, a two per cent discount from SVR.
Liz Pearson, head of lending at the Chorley, said: “We have now introduced additional LTVs to further reflect the differing needs of clients.”
“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.”
Stuart Bryce (pictured), head of business development, at Chorley Building Society, 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.”
